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The Canadian dollar fell to a five-week low against the US dollar and posted its biggest one-day decline since December 2021. The US dollar rallied after Fed Chair Powell signaled a half-point hike at the May meeting, and US crude fell nearly 2% to about $101.75 a barrel.
A weaker loonie and lower oil prices together reduce the Canadian-dollar cost of exports and pressure energy-linked input costs, but the effect on feed grain and meal prices is modest.
reuters.comApr 22, 2022Not enough comparable past events yet for a historical read.
After 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.
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.
