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Economy

Canadian dollar falls as U.S. counterpart broadly gains ground

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Canadian dollar

The Canadian dollar fell against its broadly stronger U.S. counterpart on Tuesday, but stayed within its recent trading range as data showed a surprise Canadian trade surplus and investors awaited a Bank of Canada interest rate decision.

The Canadian dollar was trading 0.3% lower at 1.2115 to the greenback, or 82.54 U.S. cents, having pulled back from a six-year high last week at 1.2007. It’s weakest level since mid-May was 1.2144.

“The CAD is generally trading in tandem with its G10 peers today, in what appears to be an environment of modest, broad-based USD strength,” said Eric Theoret, global macro strategist at Manulife Investment Management.

“The currency has been range bound for over a month now, trading within a remarkably narrow range following its solid run into the start of May,” Theoret added.

The loonie has been supported in recent months by higher commodity prices and a more hawkish stance from the Bank of Canada.

The central bank is widely expected to leave its key interest rate on hold at 0.25% on Wednesday and through the rest of 2021. But it could cut the pace of its bond purchases once gain as soon as next quarter, a Reuters poll showed.

Canada posted a trade surplus of C$594 million in April, as imports fell at a much faster rate than exports, Statistics Canada said. Analysts had predicted a deficit of C$700 million.

The U.S. dollar rose against a basket of major currencies, while the price of oil, one of Canada‘s major exports, settled 1.2% higher at $70.05 a barrel.

Canadian government bond yields were lower across a flatter curve, tracking the move in U.S. Treasuries. The 10-year fell to its lowest level since April 15 at 1.439% before recovering to 1.449%, down 2.9 basis points on the day.

 

(Reporting by Fergal Smith; Editing by Bernadette Baum and Alistair Bell)

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Economy

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

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September 13, 2024

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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)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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September 13, 2024

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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

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September 12, 2024

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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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