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The Canadian dollar edged higher against the US dollar, putting it on track for a 1.1% weekly gain, its first in eight weeks. U.S. crude rose 1.2% to $71.79 a barrel as concerns over the Omicron variant eased.
US consumer inflation hit a 39-year high in November.
A rebound in crude supports Canadian export revenue and the loonie, while easing Omicron fears reduce the risk of demand shocks. Currency moves of this size have little direct effect on grain or feed prices.
financialpost.comReutersDec 10, 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.
