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The Canadian dollar weakened against the U.S. dollar on Monday as oil fell 2.1% to $80.83 a barrel and a strong New York manufacturing survey boosted bets on another Federal Reserve rate hike. The loonie was 0.3% lower at 1.34 per U.S. dollar.
Expectations of further Fed tightening strengthen the U.S. dollar and can dampen commodity demand. A weaker loonie makes Canadian exports cheaper in U.S. dollar terms.
theglobeandmail.comReutersApr 17, 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.
