Loading…
The Canadian dollar strengthened against the U.S. dollar after Bank of Canada Governor Tiff Macklem said more time was needed before rates could ease. It recovered from a near two-month low as oil prices rose.
The loonie traded 0.4% higher at 1.3490 per U.S. dollar.
A cautious central bank supports the Canadian dollar and lowers USD/CAD. Higher oil prices also support Canadian export income, but the effect on feed commodity prices is limited.
theglobeandmail.comFergal SmithFeb 6, 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.
