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The Canadian dollar had another winning week as USD/CAD fell below 1.31 for the first time since January. Fed Chair Powell's Jackson Hole speech allowed inflation to overshoot the 2% target, causing broad US dollar losses, and Canada's Q2 GDP rose 6.5%.
Broad US dollar weakness from the Fed's looser inflation stance tends to support dollar-denominated grain and oilseed prices. A firmer loonie makes Canadian feed ingredients costlier for US-dollar buyers.
forexcrunch.comKenny FisherAug 30, 2020After 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.
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.
