Economy

Canadian dollar ends weekly win streak

Published

3 years ago

May 29, 2021

The Canadian dollar edged lower against its U.S. counterpart on Friday as oil prices fell and data showed U.S. consumer inflation heating up in April, with the loonie ending its longest streak of weekly gains since 2016.

The loonie was trading 0.1% lower at 1.2078 to the greenback, or 82.80 U.S. cents, having traded in a range of 1.2063 to 1.2120. It was also down 0.1% for the week, after having climbed for eight straight weeks.

“We’ve had a really strong run in the Canadian dollar in the last one or two months,” said Rahim Madhavji, president at KnightsbridgeFX.com. “It’s hard to see what the next catalyst for the loonie is going to be going forward.”

Speculators have cut their bullish bets on the Canadian dollar for the first time in six weeks, data from the U.S. Commodity Futures Trading Commission showed. As of May 25, net long positions had dipped to 44,811 contracts from 46,112 in the prior week.

U.S. consumer prices accelerated in the year to April, with a measure of underlying inflation blowing past the Federal Reserve’s 2% target.

The data is “potentially going to put pressure on the Fed to act sooner rather than later” to tighten policy, Madhavji said.

Canadian GDP data for the first quarter is due on Tuesday, with economists expecting an annualized increase of 7%. The data could help guide expectations for the Bank of Canada policy outlook.

The BoC is likely to cut its bond-buying program again this year, possibly as soon as July, as provinces ease curbs to contain the coronavirus pandemic and inflation pressures build, analysts said.

The price of oil, one of Canada‘s major exports, settled 0.8% lower at $66.32 a barrel, giving back some of this week’s rally, while Canada‘s 10-year yield was nearly unchanged at 1.489%.

(Reporting by Fergal Smith; Editing by Andrea Ricci and Will Dunham)

Economy

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

Published

14 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

21 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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