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The Canadian dollar weakened 0.5% to 1.3520 per U.S. dollar as oil fell 1.7% and the U.S. dollar rallied. Bank of Canada Governor Macklem declined to endorse market bets on another rate hike, calling April's inflation rise an anomaly.
Markets saw about a 60% chance of hikes resuming by July.
Reduced rate-hike expectations and weaker oil pressure the loonie and energy-linked commodities. The currency effect on feed commodity prices is limited to Canadian export pricing in US dollar terms.
theglobeandmail.comReutersMay 18, 2023Not enough comparable past events yet for a historical read.
After 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.
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.
