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The Canadian dollar strengthened against the US dollar as U.S. crude settled 2.4% higher at $53.29 a barrel. Global stocks rose on speculation that China would take more steps to support its economy.
Canadian inflation rose to 2.4% in January on higher gasoline prices.
Stronger oil prices lift Canada's export earnings and currency, while the China stimulus hopes ease some demand worries. Feed buyers see this mainly as a currency and energy-linked move with little direct grain impact.
theglobeandmail.comFergal SmithFeb 19, 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.
