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The Canadian dollar strengthened against the U.S. dollar, lagging other commodity-linked currencies but recovering from a one-month low. Wall Street hit record highs after White House adviser Larry Kudlow said the U.S. and China were nearing a trade deal.
U.S. crude settled 1.7% higher at $57.72 a barrel.
Optimism over a U.S.-China trade deal supports commodity demand and the currencies of commodity exporters. Firmer oil prices also lift the loonie, which matters for Canadian export earnings.
theglobeandmail.comFergal SmithNov 15, 2019Not enough comparable past events yet for a historical read.
After 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.
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.
