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The Canadian dollar weakened about 0.2% against the U.S. dollar on August 31, 2021, giving back earlier gains. Canada's economy shrank 1.1% in the second quarter, and oil fell about 1% as OPEC+ prepared to meet amid U.S. calls for more output.
Falling crude and weaker Canadian growth point to a softer loonie. Lower energy prices also reduce diesel and transport costs for feed supply chains.
brecorder.comReutersAug 31, 2021Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
