Loading…
The Canadian dollar was little changed on September 16 after Statistics Canada reported annual inflation of 0.1% for August. Underlying inflation firmed slightly, with the Bank of Canada's core measures averaging 1.7%.
Oil rose as a hurricane shut U.S. offshore production, and the loonie traded in a narrow range ahead of a Federal Reserve decision.
Inflation data shapes expectations for Bank of Canada policy and the loonie, which in turn affects the cost of Canadian-origin commodities priced in U.S. dollars. The hurricane-driven oil move is a secondary energy driver for the currency.
theglobeandmail.comReutersSep 16, 2020Not enough comparable past events yet for a historical read.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
Confirms oil rose on Sept 16 as the hurricane shut US offshore production, supporting the supply-shock explanation.
