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The USD/CAD pair pushed above 1.30 on Tuesday as oil prices slid, with risk sentiment weakening on problems in Italy. Lloyds forecasts USD/CAD falling to 1.20 by end-2019 as the Bank of Canada and market positioning support the loonie.
Falling oil prices weigh on the Canadian dollar and on energy-linked feed costs, while a firmer U.S. dollar against the loonie makes Canadian grain and meal less expensive for buyers paying in dollars.
exchangerates.org.ukFrançois AuréMay 31, 2018Not enough comparable past events yet for a historical read.
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.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
