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The Canadian dollar fell as West Texas Intermediate dropped 3.1% to $57.30 and Brent fell 2.1% to $68.60 amid escalating trade war fears. Analysts expect new trade fronts to open with Japan or the EU, and Trump said there was no preparation for a China trade deal.
Falling crude prices and trade-war escalation reduce demand expectations for energy and commodity exports, weighing on the Canadian dollar and related commodity values.
economies.comRami HaddadMay 29, 2019After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 56 past bearish trade events, Crude Oil (Brent) moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% over 20.
Not 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.
Reports WTI down 3.1% to $57.30 amid escalating trade war fears, with Trump saying no preparation for a China deal, matching the move's sentiment driver.
On May 29 Brent fell 2.1% and WTI 3.1% on escalating trade war fears and no prospect of a China deal.
