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The Canadian dollar weakened to its lowest level since September 20 against the US dollar, trading near 1.2881. U.S. crude fell 0.7% to $70.26 a barrel as the fast-spreading Omicron variant weighed on oil.
Canadian inflation data matched expectations.
Lower oil prices reduce Canada's export income and weaken the loonie, which raises the cost of US-priced imports for Canadian buyers. Oil demand fears from Omicron are the main near-term driver.
reuters.comFergal SmithDec 15, 2021After 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.
