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The Bank of Canada held its overnight rate at 4.50% as expected but adopted a hawkish tone that downplayed recession worries. The Canadian dollar traded 0.1% higher at 1.3447 per U.S. dollar after the decision.
A hawkish hold supports the Canadian dollar and keeps borrowing costs high, which can slow Canadian crushing and export activity at the margin. The direct effect on feed commodity prices is small.
reuters.comSteve Scherer, David LjunggrenApr 12, 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.
