Loading…
The Canadian dollar weakened against the US dollar after Canada's September trade surplus widened more than expected. The loonie's decline reflected the unwinding of recent sharp moves in currency markets and a 4.3% fall in US crude futures.
A weaker loonie and lower crude prices affect Canadian export earnings and the cost of dollar-priced feed imports. The wider trade surplus points to stronger export flows.
theglobeandmail.comReutersNov 7, 2023After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Not 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.
Directly reports the 4.3% fall in US crude futures on Nov 7, confirming the move, though it is a currency article and offers no independent cause.
