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The Canadian dollar was little changed against the U.S. dollar, holding the week's gains as oil rose and Fed Chair Jerome Powell said the central bank would not rush to hike rates. The loonie had clawed back part of the prior week's decline after the Fed's hawkish shift.
U.S. crude futures settled 0.3% higher at $73.08 a barrel.
Expectations that the Fed will stay accommodative weaken the U.S. dollar and support Canadian commodity export currencies. For feed buyers, a steadier loonie leaves Canadian-priced input costs largely unchanged in the near term.
theglobeandmail.comFergal SmithJun 23, 2021Not enough comparable past events yet for a historical read.
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.
