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The Canadian dollar weakened against the US dollar on Monday, trading 0.5% lower at 1.3380 after touching its strongest level since November 16. Investors turned cautious ahead of an expected Federal Reserve rate hike later that week.
Oil prices, a key Canadian export, settled 2.2% lower at $77.90 a barrel.
Risk aversion ahead of central bank meetings is pushing down currency and energy prices together. Lower crude prices reduce the cost of diesel and energy used in feed production and transport.
theglobeandmail.comFergal SmithJan 30, 2023Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, 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.
