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The Canadian dollar weakened slightly against the US dollar on Wednesday after touching an eight-week high the previous day. Canada's October inflation held at 6.9%, and markets priced a 25 basis point Bank of Canada hike for December with a 35% chance of 50 basis points.
US crude fell 1.5% to $85.59 a barrel.
Inflation data and the expected size of Bank of Canada rate hikes drive the currency and borrowing costs, with little direct effect on feed grain supply or demand. Oil dipping on China COVID concerns is a minor signal for energy-linked costs.
theglobeandmail.comReutersNov 16, 2022After 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.
