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The Bank of Canada kept its target overnight rate at 1.75 percent on December 5 and cited weaker oil prices, trade conflicts weighing on global demand, and reduced energy-sector activity. It noted slower momentum heading into the fourth quarter.
Slowing global demand and weaker Canadian energy activity point to softer economic growth, which can weigh on currency and commodity sentiment across North American markets.
bankofcanada.caMedia RelationsDec 5, 2018After 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.
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.
