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The Canadian dollar edged lower against the U.S. dollar on September 29 as oil prices fell and investors waited for a cheaper entry point. The loonie traded near 1.3381 per U.S. dollar, close to a 7-week low, and had fallen about 2.5% in September.
U.S. crude settled 3.2% lower at $39.29 a barrel on fuel demand worries tied to new coronavirus infections.
A weaker loonie makes Canadian exports cheaper in U.S. dollar terms, which can support Canadian canola and other commodity demand. Lower crude also reduces energy-linked input costs for feed and fuel.
financialpost.comReutersSep 29, 2020Not enough comparable past events yet for a historical read.
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.
