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The Canadian dollar fell 0.3% against the U.S. dollar after a preliminary estimate showed Canadian GDP was flat in September, below expectations. The loonie still gained 2.4% for October, its first monthly gain since May.
Oil futures rose 0.9% to $83.57 a barrel.
Weaker Canadian growth data pushed USD/CAD higher, though the monthly loonie gain was supported by firmer oil prices. Money markets still expect the Bank of Canada to begin hiking in January.
financialpost.comReutersOct 29, 2021Not enough comparable past events yet for a historical read.
After 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.
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.
