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The Canadian dollar fell to about 75.15 US cents on Friday, its lowest level since October 2020, as investors fled to the U.S. dollar. Stubbornly high U.S. inflation raised expectations that the Federal Reserve would hike rates aggressively, with a 75 basis point move expected the following week.
An analyst said the loonie could fall to 73 cents.
A firmer U.S. dollar and higher U.S. rates tend to pressure dollar-denominated grain and oilseed prices while making US exports cheaper for foreign buyers. Tighter financial conditions also weigh on commodity demand.
cbc.caPete EvansSep 16, 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.
