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The Canadian dollar strengthened 0.4% to 1.2774 per US dollar after central banks in Britain and Norway raised rates to fight inflation. Canadian wholesale trade hit a record high in October.
Oil was supported by record US implied demand and falling crude stocks.
Tighter global monetary policy and firm oil demand support the loonie and crude prices, which together ease pressure on Canadian export earnings. The effect on feed costs is limited.
theglobeandmail.comReutersDec 16, 2021After 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.
