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The Canadian dollar strengthened against the US dollar on Tuesday, recovering from a near six-week low, as oil prices rose about 3.7% with US crude settling at $93.74 a barrel. Saudi Arabia floated the idea of OPEC+ output cuts, and a weak US private sector activity report eased expectations of aggressive Fed tightening.
Canada is a major oil exporter, so higher crude supports the loonie and reflects stronger energy-driven demand. For feed buyers, the effect on grain and meal prices is indirect, mainly through energy and currency channels.
financialpost.comReutersAug 23, 2022After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
