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The Canadian dollar strengthened as oil extended its rally after OPEC and major producers agreed to cut output for the first time in eight years. US crude rose about 3% to $50.92 a barrel.
Canadian third-quarter GDP also grew at its fastest pace in over two years.
The OPEC cut tightens crude supply, supporting vegetable oil and biofuel input costs, while the firmer oil price lifts the loonie.
reuters.comDec 1, 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.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
