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The Canadian dollar strengthened against the US dollar after GDP data showed January growth of 0.6%, the fastest in a year. A preliminary February estimate showed 0.4% growth, and money markets still priced a 68% chance of a June Bank of Canada rate cut.
Firmer domestic growth delays Bank of Canada easing, supporting the loonie and pushing USD/CAD lower. This is a currency move with little direct impact on feed commodity prices.
theglobeandmail.comFergal SmithMar 28, 2024Not enough comparable past events yet for a historical read.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
