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The Canadian dollar edged higher against a firmer US dollar as oil prices jumped on a deal by major producers to cut output. US crude settled more than 9 percent higher at $49.44 a barrel, and Canada's economy grew in the third quarter.
Higher crude prices from the OPEC cut lift energy costs and biofuel economics, which can support vegetable oil and meal values. The loonie's gain reflects oil's influence on Canadian export earnings.
reuters.comNov 30, 2016After 487 past bullish macro events, 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, 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.
