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The Canadian dollar rose to a two-week high against the U.S. dollar as the greenback fell to a month low after the Federal Reserve reiterated that rates will stay at zero for a long time. Canada's headline inflation eased to 3.1% in June from 3.6% in May.
The loonie had fallen about 3% in June.
A weaker U.S. dollar tends to support dollar-denominated commodity prices, while Fed guidance on prolonged low rates keeps financial conditions loose for commodity markets.
fxempire.comVivek KumarJul 29, 2021After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
