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The Canadian dollar strengthened against the US dollar on Friday as oil prices rose and Statistics Canada reported November GDP growth of 0.7%, above the 0.4% forecast. Oil gains reflected a Saudi supply cut and falling US crude inventories.
A firmer loonie raises the cost of Canadian-origin feed commodities such as canola meal for US and other buyers. Stronger oil prices can also support energy-linked costs for feed transport.
financialpost.comReutersJan 29, 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.
