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The Canadian dollar rallied after Bank of Canada Governor Stephen Poloz said monetary policy remains stimulative following a recent rate increase to 1.75 percent. Crude oil fell about 14 percent from its October 3 high to near US$65.90 a barrel, while USD/CAD traded flat near 1.3136.
Stronger US consumer confidence supported the dollar.
A weaker loonie tied to lower crude makes Canadian-denominated feed and grain costs slightly more expensive for buyers, while softer oil reduces energy-linked input costs. The effect on feed commodity prices is modest.
ofx.comWednesdayOct 30, 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.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
