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The Canadian dollar ended the week slightly lower as oil prices pulled back from two-month highs and a strike at Canadian National Railway entered its fourth day. U.S. crude settled 81 cents lower at $57.77 a barrel.
TD Bank estimated the strike could cut fourth-quarter annualized growth by about 0.2 percentage points if it lasted two more weeks.
The CN Rail strike disrupts grain and oilseed shipments through Canadian ports, which can tighten export logistics and widen basis. Lower oil prices weigh on the loonie and reflect softer energy demand.
theglobeandmail.comFergal SmithNov 22, 2019Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, WTI moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
