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The Canadian dollar crossed 80 U.S. cents on the first trading day of 2018 after ending 2017 up nearly 7%. The move came as the U.S. dollar fell broadly and oil held near a 2.5-year high amid protests in Iran and OPEC and Russian supply cuts.
U.S. crude traded near $60.40 a barrel.
Higher oil prices support the loonie and raise energy input costs, which can lift feed and freight costs in the near term.
financialpost.comReutersJan 2, 2018Not enough comparable past events yet for a historical read.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
