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The Canadian dollar fell to a near five-month low of about 1.38 per U.S. dollar after the Bank of Canada held its rate at 4.5% and became the first major central bank to pause its tightening. Fed Chair Jerome Powell reiterated that U.S. rate hikes could be higher and faster.
A wider expected gap between Fed and BoC rates favors a stronger U.S. dollar and a weaker loonie, which raises the cost of Canadian imports and of U.S. dollar-priced feed inputs bought from Canada.
reuters.comMar 8, 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.
