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The Canadian dollar hit a seven-week high of 1.2530 per US dollar as oil rose and Canadian bond yields widened above US yields. US crude settled 0.8% higher at $119.41 a barrel after the Bank of Canada's second half-point hike.
Higher oil and wider yield spreads support the loonie; the firmer crude price adds cost pressure on feed freight and energy inputs.
financialpost.comReutersJun 7, 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.
