Economy

Canadian dollar steadies

Published

3 years ago

May 17, 2021

The Canadian dollar was little changed against its U.S. counterpart on Monday, consolidating some recent gains as Wall Street edged lower and domestic data showed activity easing in Canada‘s red-hot housing market in April.

The loonie was trading nearly unchanged at 1.2100 to the greenback, or 82.64 U.S. cents. Last Wednesday, it touched a six-year high at 1.2042.

Canadian home sales fell 12.5% in April from March, with the average selling price also declining slightly on the month, data from the Canadian Real Estate Association showed.

Separate data from the Canadian Mortgage and Housing Corporation showed housing starts falling 19.8%.

U.S. stocks slipped as investors shifted their focus to retail earnings this week for clues on the strength of consumer spending.

Canada sends about 75% of its exports to the U.S. including oil and lumber. As U.S. Trade Representative Katherine Tai prepared to meet her Canadian and Mexican counterparts on Monday to review progress in the new North American trade agreement, she was under pressure from home builders and lawmakers to cut U.S. tariffs on Canadian lumber.

U.S. crude prices were up 0.20% at $65.5 a barrel as European economic reopenings offset gloom from surging COVID-19 cases in Asia and underwhelming Chinese manufacturing data.

Canada‘s inflation report for April is due on Wednesday which could offer clues on the Bank of Canada policy outlook.

If the Canadian dollar continues to rise, it could create headwinds for exports and business investment as well as affecting monetary policy, BoC Governor Tiff Macklem said last Thursday.

Speculators have raised their bullish bets on the Canadian dollar to the highest since November 2019, data from the U.S. Commodity Futures Trading Commission showed on Friday.

Canadian government bond yields were higher across a steeper curve. The 10-year rose 1.5 basis points to 1.578%.

(Reporting by Fergal Smith; Editing by Raissa Kasolowsky)

Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

10 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

17 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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