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The Canadian dollar retreated from a 2.5-month high on Thursday ahead of U.S. jobs data expected to show a gain of about 185,000 positions in January. The loonie weakened 0.2% to 1.3320 per U.S. dollar, while U.S. oil settled 0.7% lower.
Expectations for U.S. labour data and Fed policy drive the dollar, which affects the value of Canadian exports and dollar-priced commodity trade. The move is routine and has limited direct impact on feed prices.
kitco.comFeb 2, 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.
