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The Canadian dollar strengthened on Tuesday as oil prices surged to their highest since 2014 after Moscow ordered troops into two breakaway regions in eastern Ukraine. U.S. crude rose 3.4% to $94.15 a barrel.
Speculators cut bullish bets on the Canadian dollar in the week to February 15.
Higher crude on escalating Russia-Ukraine tensions lifts energy costs and biofuel-linked demand for vegetable oils, while a firmer loonie trims the cost of Canadian-dollar purchases.
theglobeandmail.comReutersFeb 22, 2022After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
