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USDCAD edged higher despite a weak US ADP jobs report that came in at 132,000 against a 300,000 consensus. Falling crude oil prices weighed on the Canadian dollar, and the pair could move toward 1.32 if bullish momentum continues.
Lower oil prices weaken the loonie because Canada is a net crude exporter, a currency move that matters little for feed grain prices. The story is routine currency commentary.
asktraders.comSimon MugoAug 31, 2022Not enough comparable past events yet for a historical read.
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.
