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The Canadian dollar rose to its highest level in nearly two months on Jan. 11 as oil prices climbed on tight supply and hopes that Omicron would not derail demand recovery.
U.S. crude settled 3.8% higher at $81.22 a barrel. Fed Chair Powell's congressional testimony eased fears of an abrupt tightening shock.
Higher crude prices raise energy and transport costs for feed production. A firmer loonie lowers the Canadian-dollar cost of imported feed ingredients.
reuters.comFergal SmithJan 11, 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.
