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The Canadian dollar was little changed on Thursday, the only G10 currency not to lose ground against the US dollar, as Wall Street recovered from its lows. Oil settled 4.6% lower at $81.64 a barrel as rising COVID cases in China weighed on demand.
Canadian bond yields were higher.
Falling oil on weaker China demand expectations lowers energy input costs, though the impact on feed grain prices is limited. The loonie's resilience reflects equity market tracking rather than commodity drivers.
theglobeandmail.comFergal SmithNov 17, 2022After 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.
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.
