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The Canadian dollar held near a one-month low on December 7 after the Bank of Canada raised rates by 50 basis points and dropped its forward guidance, signalling the hiking cycle was nearing its end. Oil settled 3% lower at $72.01 a barrel after China announced sweeping COVID-19 rule changes.
Lower crude and a softer loonie shift input and export cost dynamics for Canadian oilseed and grain exporters, though the effect on feed prices is limited.
theglobeandmail.comFergal SmithDec 7, 2022Not 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.
