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The US imposed countervailing duties of up to 24 percent on Canadian softwood lumber exports. The Canadian dollar briefly hit a 14-month low before closing at 73.72 US cents.
Trump's comments on Canadian dairy and lumber also weighed on the currency.
Duties of this size raise the cost of Canadian lumber in the US market and deepen the trade dispute that spills into dairy. The currency reaction points to wider economic pressure on Canada rather than a direct grain or feed supply change.
cbc.caCBC News · Posted: Apr 25, 2017 10:45 AM EDT | Last Updated: April 25, 2017Apr 25, 2017Not enough comparable past events yet for a historical read.
After 49 past bearish trade events, Milk (Class III) moved a median -0.3% over 5 sessions (39% higher; middle half -4.7% to +1.5%), and -0.4% 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.
