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The Canadian dollar edged lower against the US dollar on Monday but was on track for a fourth straight monthly gain. Statistics Canada reported a first-quarter current account surplus of C$1.2 billion, the first surplus since 2008.
US crude rose 1.4% to $67.27 a barrel ahead of an OPEC+ meeting.
A firmer loonie and higher oil prices reduce the cost of USD-priced imports for Canadian buyers, while the stronger currency can weigh on Canadian export competitiveness. Traders are watching the OPEC+ outcome for crude direction.
theglobeandmail.comReutersMay 31, 2021After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
Not 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.
