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The Canadian dollar strengthened 0.1% to 1.2580 per US dollar on Wednesday, touching its strongest level since April 2018. US crude rose 1.3% to $62.46 a barrel amid Texas outages, though a surprise US inventory build capped gains.
Higher oil and a stronger loonie reflect the commodity-linked currency trade, which lowers the cost of Canadian-origin feed for US buyers. Oil strength also feeds into energy and biofuel input costs.
brecorder.comReutersFeb 24, 2021Not enough comparable past events yet for a historical read.
After 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.
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.
