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USD/CAD recovered from two-week lows and climbed back above 1.2600 on August 31, 2021. Oil prices slid more than 1% that day, and the Canadian economy's unexpected 1.1% second-quarter contraction weighed on the loonie.
Weaker oil and a contracting economy undermine the Canadian dollar against the U.S. dollar. The move is a currency market reaction with limited direct consequence for grain or meal prices.
octaafrica.netAug 31, 2021Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, 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.
