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The Canadian dollar strengthened against the U.S. dollar on April 26, 2019, after U.S. first-quarter GDP data showed growth driven by trade and inventory accumulation expected to reverse. Oil retreated from its strongest rally in a year after Trump again pressed OPEC to raise output, with U.S. crude settling 2.9% lower at $63.30.
A weaker greenback and softer oil reduce the cost of dollar-denominated feedstuffs for Canadian buyers, while lower crude trims energy input costs and biofuel-linked demand sentiment.
theglobeandmail.comFergal SmithApr 26, 2019Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
