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A Reuters poll showed analysts cutting Canadian dollar forecasts as interest rate hikes threaten to push Canada into recession. The currency had weakened about 7% against the U.S. dollar since the start of 2022, reaching a two-year low of 1.3838 in early October.
Weaker forecasts for the loonie reflect a stronger dollar outlook, which tends to pressure dollar-priced commodities. Recession risk also points to softer commodity demand.
reuters.comFergal SmithOct 6, 2022Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
