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The Canadian dollar weakened against the greenback as oil fell and the Federal Reserve tempered expectations for a rate cut this year. Canadian auto sales dropped 3.5% in April and factory activity contracted for the first time in over three years.
U.S. crude inventories rose to their highest since September 2017.
Lower oil prices and a firmer U.S. dollar reduce the value of Canadian exports and add pressure on energy-linked costs for feed and transport.
theglobeandmail.comReutersMay 1, 2019Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (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.
