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The Canadian dollar edged lower against the U.S. dollar, trading 0.1% weaker at 1.3304 after reaching a near two-week high the previous day. Traders weighed a possible surprise Bank of Canada rate cut the following week, though one dealer questioned whether a cut was justified.
Oil prices rose after a larger-than-expected drop in U.S. crude inventories.
Expectations of Bank of Canada easing weaken the loonie, which raises the cost of U.S.-dollar-priced feed imports for Canadian buyers. A firmer oil price supports the Canadian dollar, partly offsetting that pressure.
financialpost.comReutersAug 28, 2019Not 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.
