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The Canadian dollar weakened 0.7% to 1.2596 per US dollar on Thursday, pulling back from a three-year high, as surging US Treasury yields pressured global equities. US crude settled 0.5% higher at $63.53, its highest close since 2019, as Texas refineries restarted after the freeze.
A firmer oil price supports Canadian export revenue and the loonie, while a weaker loonie raises the cost of Canadian-origin feed ingredients for US-dollar buyers. The effect on grain and meal prices is limited.
theglobeandmail.comFergal SmithFeb 25, 2021Not enough comparable past events yet for a historical read.
After 487 past bullish macro events, WTI moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
