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BofA strategist Howard Du says the Canadian dollar, down 3.3% since mid-July near 74 US cents, is oversold and expects a rally to 76 cents by year-end. He attributes recent weakness to tighter financial conditions and global risk-off sentiment rather than oil or bond yields.
A forecast loonie rally would raise the cost of Canadian-origin feed ingredients for US buyers, while the currency move is driven mainly by financial conditions rather than feed fundamentals.
theglobeandmail.comJennifer DowtyAug 30, 2023Not 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.
