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The Canadian dollar edged up to 77.39 US cents, its strongest level since October 2018, as oil rallied on reports OPEC may extend production caps through the first quarter of 2021. Crude settled 1.6% higher at $45.28 a barrel.
Canada also reported a record 10.3% drop in third-quarter labour productivity.
Expected OPEC+ production restraint supports crude prices, which lifts energy-linked demand for biofuel feedstocks such as vegetable oils and corn.
financialpost.comReutersDec 2, 2020After 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.
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.
