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The Canadian dollar edged lower on Tuesday as investors worried the Bank of Canada might temper expectations for earlier rate hikes. The loonie traded 0.1% lower at 1.2388, after touching its strongest level in nearly four months a week earlier.
U.S. crude futures rose 1.1% to $84.65 a barrel, their highest since 2014.
Concern about a dovish Bank of Canada surprise weighed on the loonie ahead of the policy decision. Higher oil prices from supply shortages and U.S. demand supported the Canadian dollar, which tracks crude closely.
financialpost.comReutersOct 26, 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.
