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The Canadian dollar posted its biggest one-day decline in nearly a year after hotter-than-expected U.S. consumer price data pushed back expectations for early Federal Reserve rate cuts. The loonie fell 1% to 1.3585 per U.S. dollar, its weakest intraday level since December 13.
Higher U.S. rate expectations strengthen the dollar and push USD/CAD up, which raises the cost of Canadian-origin feed inputs priced in U.S. dollars. The move is a currency event with limited direct impact on grain prices.
theglobeandmail.comFergal SmithFeb 13, 2024Not enough comparable past events yet for a historical read.
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.
