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The USDCAD pair traded sideways on December 21 despite Canadian November CPI rising 0.1% month on month and the headline annual rate reaching 6.7%, above forecasts. U.S. consumer confidence also beat expectations, and a surge in crude oil prices supported the loonie.
Stronger Canadian inflation keeps Bank of Canada tightening expectations firm, a macro backdrop that has limited direct impact on feed grain pricing.
asktraders.comSimon MugoDec 21, 2022Not 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.
