Loading…
The Canadian dollar strengthened to its highest level in more than two months against the US dollar on Thursday, trading at 1.3320. Equity markets rose and the Bank of Canada pushed back against expectations of near-term rate cuts.
US crude futures rose 2.1% to $81.83 a barrel on expectations of stronger Chinese demand.
The stronger loonie and rising crude prices both reflect expectations of firmer demand, but the currency move makes Canadian exports more expensive abroad. Higher energy prices raise costs for diesel and fertilizer used in feed supply chains.
brecorder.comReutersJan 26, 2023Not enough comparable past events yet for a historical read.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
