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The Canadian dollar reached a seven-week high as oil prices climbed. It had rebounded more than 3% from an eight-month low in mid-November.
Higher oil prices offset uncertainty after the US election and expectations for Fed rate increases.
Rising crude supports vegetable oil and biofuel values, while a firmer loonie makes Canadian grain and oilseed exports more expensive in US dollar terms.
reuters.comFergal SmithDec 12, 2016After 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.
Not enough comparable past events yet for a historical read.
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.
