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The Canadian dollar edged lower against the US dollar on Friday but finished the week up 0.2%, its second straight weekly gain. Gains were supported by higher oil prices and expectations of further Bank of Canada rate hikes after August inflation jumped to 4.0%.
A firmer loonie raises the cost of Canadian-origin commodities for US buyers and tends to track oil; stronger oil supports energy-linked feed costs while a stronger CAD lowers Canadian export competitiveness.
theglobeandmail.comFergal SmithSep 22, 2023Not 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.
