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The Canadian dollar weakened against the US dollar as oil fell 2.1% to $112.91 a barrel and central banks including the Fed, SNB and BoE raised rates. The 10-year Canadian bond yield hit its highest since 2010 before easing.
Tighter global monetary policy raises recession fears, weighing on crude and commodity demand; a weaker loonie modestly supports Canadian-priced exports but the signal is mainly macro.
theglobeandmail.comReutersJun 16, 2022After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
