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The Canadian dollar fell sharply on April 24, 2019, after the Bank of Canada dropped its tightening bias and cut its 2019 GDP forecast to 1.2 per cent. USD/CAD rose above 1.35, its highest level since early January, while oil stayed near recent highs despite a large U.S. crude inventory build.
A weaker loonie makes Canadian exports such as canola and barley cheaper in US dollar terms, supporting Canadian export competitiveness and slightly pressuring global oilseed prices.
xtb.comApr 24, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% 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.
