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The Canadian dollar weakened 0.2% against the U.S. dollar on Tuesday as oil prices fell and investors awaited Fed Chair Jerome Powell's congressional testimony. The loonie had rallied the previous day to its biggest gain in nearly seven weeks.
Canadian retail data was due the next day.
Currency swings tied to Fed testimony change the cost of U.S.-dollar-denominated feed ingredients for Canadian buyers. The move is small and reflects routine market positioning rather than a new supply or demand shift.
brecorder.comReutersJun 22, 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.
