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Analysts at BMO, TD and Scotiabank forecast the loonie will gain from rising oil prices, but the Canadian dollar has so far tracked bond yields rather than crude. TD strategist Mark McCormick expects a recoupling with WTI if crude moves from $55 to $60.
Currency moves affect Canadian feed and commodity export pricing; a firmer loonie would weigh on Canadian-origin canola meal and barley returns in US dollar terms.
theglobeandmail.comScott BarlowNov 15, 2017Not 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.
