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The Canadian dollar fell to a near three-week low against the US dollar, trading around 1.2633 per greenback. The move came as oil lost ground when the Suez Canal reopened and as investors anticipated a $3-4 trillion US infrastructure spending plan.
A firmer US dollar tends to pressure commodity prices and makes Canadian exports, including canola, relatively cheaper. Oil weakness from Suez reopening also reduces the energy-linked support for Canadian dollar-denominated commodities.
brecorder.comReutersMar 31, 2021Not enough comparable past events yet for a historical read.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
