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The Canadian dollar edged lower on July 28 to around 1.324 per US dollar after preliminary data showed Canada's economy likely contracted 0.2% in June. US inflation slowed to its weakest pace in over two years in June, and US crude settled near $80.58 a barrel.
Slowing Canadian activity and easing US inflation point to a possible end to rate hikes, which tends to weigh on the loonie and modestly supports oil-linked demand sentiment.
theglobeandmail.comJul 28, 2023Not enough comparable past events yet for a historical read.
After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% 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.
