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The Canadian dollar has climbed about 4% since its federal-election low of 78 cents, reaching roughly 81 cents. Money markets now expect the first rate increase by April and nearly 100 basis points of tightening next year.
Inflation was 4.4% in September, and WTI crude traded near $83.76 a barrel.
Expectations of aggressive Bank of Canada tightening are supporting the loonie independently of the U.S. dollar. Stronger Canadian interest rates and firm oil prices both tend to lower USD/CAD.
financialpost.comPamela HeavenOct 25, 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.
