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A market commentary notes the Canadian dollar gained support from higher crude oil prices and weaker-than-expected U.S. economic data. The piece questions whether that strength is enough to sustain a loonie uptrend.
Stronger oil and a firmer loonie can shift the relative cost of Canadian canola meal and other exports, though the effect on feed prices is modest.
interactivebrokers.comJim IuorioAug 31, 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.
