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The Canadian dollar rose to a one-week high against the US dollar as China reported its lowest daily count of new coronavirus cases since late January. Oil and global stocks climbed on hopes that Chinese fuel demand would recover.
U.S. crude was up 1.7% at $50.77 a barrel.
Easing virus concerns support oil demand expectations and lift commodity-linked currencies such as the loonie. For feed markets the effect is indirect, through energy costs and risk sentiment.
financialpost.comReutersFeb 12, 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.
