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The Canadian dollar strengthened to its highest level in nearly seven months on August 18 as the US dollar index fell to its lowest in over two years. Chrystia Freeland was named Canada's new finance minister after Bill Morneau resigned, and markets awaited her policy direction.
A weaker US dollar and firmer loonie raise the dollar cost of Canadian-origin feed commodities. Political change adds uncertainty but is unlikely to shift feed prices materially.
brecorder.comReutersAug 18, 2020Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
