◂ Event Timeline

Aug 11, 2022MACROCanada

Canadian dollar rises to two-month high on growing signs of easing U.S. inflation

The Canadian dollar rose to its highest level in over two months against a weaker US dollar on Thursday as oil settled 2.6% higher at $94.34 a barrel. Investors grew more optimistic about global growth after a strong US jobs report and signs of peaking US inflation.

WHY IT MATTERS

Higher oil and a firmer loonie reflect improved risk sentiment, but the effect on feed grain prices is indirect. Expectations of smaller Fed hikes weigh on the dollar, which can support commodity demand.

AFFECTSWTI▲USDCAD▼

SOURCE
theglobeandmail.comReutersAug 11, 2022

Price reaction & history

WTI▲bullishSO FAR1d +2.5%5d -4.1%20d -10.5%

After 487 past bullish macro events, WTI moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.

Dec 16, 2021Canadian dollar rallies as more central banks move on inflation - The Globe and Mail+2.7%
Sep 18, 2023Canadian dollar hits 1-month high ahead of inflation data-0.9%
Feb 17, 2022Why oil and the Canadian dollar are breaking up - The Globe and Mail-1.1%
Mar 17, 2022Canadian dollar climbs to 2-week high as FX volatility falls - The Globe and Mail+21.1%
Feb 25, 2021Canadian dollar retreats from three-year high as U.S. bond yields soar - The Globe and Mail-3.0%

USDCAD▼bearish

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.

WTI · GP ▸

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USDCAD · GP ▸

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