Loading…
The Canadian dollar edged lower as oil settled 4.4% down at $69.46 a barrel amid mixed signals from major producers ahead of the OPEC+ meeting. U.S. bond yields fell as default worries eased with progress on the debt ceiling.
Canadian first-quarter GDP data was due the same day.
Lower oil prices weigh on the loonie and reflect uncertainty over OPEC+ supply decisions that could shape energy costs for feed production and transport. The debt ceiling progress reduced safe-haven demand for the dollar.
ca.finance.yahoo.comFergal SmithMay 30, 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.
