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The Canadian dollar fell to a one-week low against the US dollar on Monday as anti-lockdown protests in China rattled investors. Canada posted a third-quarter current account deficit of C$11.1 billion after surpluses earlier in 2022.
US crude settled 1.3% higher at $77.24 a barrel after rumours of an OPEC+ cut.
Weaker Chinese growth prospects reduce expected demand for commodities and oil, and the loonie tracks those prices, so the currency move signals softer energy and commodity sentiment. For feed buyers, the effect on grain and oilseed prices is indirect.
theglobeandmail.comReutersNov 28, 2022After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% over 20.
Not enough comparable past events yet for a historical read.
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.
