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The Canadian dollar fell to a one-week low against the US dollar on April 20, 2021, its largest decline since February 26. The drop followed a sell-off in oil as rising COVID-19 cases in India raised fears of travel and fuel restrictions.
Lower oil prices weaken the Canadian dollar and raise the Canadian-dollar cost of US-priced imports, while also feeding into diesel and freight costs for feed logistics. The move is driven by energy markets rather than grain fundamentals.
brecorder.comReutersApr 21, 2021After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
