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Moody's downgraded six major Canadian banks, citing consumer debt and elevated housing prices. The downgrade reversed the loonie's gains as USD/CAD rose back toward 1.37 after WTI recovered to about $47.
Bank downgrades add to loonie weakness and broader Canadian economic risk, which keeps Canadian export commodities cheaper in US dollar terms for feed buyers.
forexcrunch.comYohay ElamMay 11, 2017Not enough comparable past events yet for a historical read.
After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% 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.
