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The Canadian dollar strengthened against the US dollar after Canada added 154,000 jobs in November, well above estimates, and the jobless rate fell to a new pandemic low. US crude rose 3.5% to $68.80 a barrel after OPEC+ said it could review its output hikes at short notice.
The loonie traded near 1.2767 per US dollar.
Strong jobs data raises expectations for early Bank of Canada rate hikes, which supports the currency. Higher crude prices support Canadian export earnings.
theglobeandmail.comFergal SmithDec 3, 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.
