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National Bank of Canada economist Krishen Rangasamy says the Canadian dollar's short-term lows are likely in, citing record speculative net shorts on the loonie. Saudi Arabia and Russia extended oil production cuts into next year, which steadied the currency.
Record bearish positioning and an oil-price rally that has outpaced the loonie point to possible currency recovery, which affects the cost of Canadian-origin feed ingredients and canola meal for US and other buyers.
theglobeandmail.comScott BarlowMay 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.
