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The Canadian dollar rose to its strongest level in 2.5 months on Wednesday after Canada's manufacturing PMI rose to 51.0 and the Federal Reserve raised rates by a quarter point while signaling further increases. Oil settled 3.1% lower at $74.41 a barrel on large U.S. inventory builds.
The Fed's signal of more hikes supports the U.S. dollar, but the loonie gained on firmer Canadian manufacturing data, which makes Canadian exports dearer abroad. Lower crude prices reduce energy-linked costs for feed production and transport.
theglobeandmail.comFergal SmithFeb 1, 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.
