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The Canadian dollar steadied against the U.S. dollar and pared earlier gains as investor risk appetite fell ahead of a Federal Reserve conference. U.S. stocks were mixed after the first contraction in U.S. manufacturing in nearly a decade.
U.S. crude fell 0.6% to $55.35 a barrel, and the market awaited Fed Chair Powell's Jackson Hole speech.
Weaker oil and risk sentiment tend to lift the U.S. dollar against the loonie, which affects the cost of Canadian-origin products priced in dollars. The market is waiting on Fed guidance, so the direction is unclear.
theglobeandmail.comLevent UsluAug 22, 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.
