Economy

Canadian dollar fell by most in 6 weeks as greenback rallies

Published

3 years ago

June 3, 2021

The Canadian dollar fell to a six-day low against its broadly stronger U.S. counterpart on Thursday, as U.S. economic data reinforced signs that the world’s largest economy was on track to recover from the COVID-19 pandemic.

The loonie, which has been on a tear this year because of higher commodity prices and the Bank of Canada‘s more hawkish stance, was trading 0.6% lower at 1.2106 to the greenback, or 82.60 U.S. cents, its biggest decline since April 20. It touched its weakest intraday level since last Friday at 1.2120.

“Today has been all about the (U.S.) dollar,” said Simon Harvey, senior FX market analyst for Monex Europe and Monex Canada. “With little economic releases outside of the U.S., the loonie has been entangled in the broad dollar move.”

The U.S. dollar rose against a basket of major currencies as data showed U.S. private-sector employment rising more than expected in May. A strong rebound in the U.S. economy threatens to derail the assumption that interest rates will stay low for a long time.

The U.S. and Canadian employment reports for May are due on Friday. Economists expect the data to show Canadian employment falling by 20,000 after a plunge of 207,000 in April. Some provinces went into lockdown in April to curb a harsh third wave of the COVID-19 pandemic.

Still, the Bank of Canada is seen tapering its asset purchase program again next quarter amid expectations for a robust economic recovery, a Reuters poll showed.

Oil, one of Canada‘s major exports, touched its highest level since October 2018 at $69.40 a barrel before settling 2 cents lower at $68.81 a barrel.

Canadian government bond yields were higher across much of a steeper curve, tracking the move in U.S. Treasuries. The 10-year was up 2.2 basis points at 1.517%.

(Reporting by Fergal Smith; Editing by Jonathan Oatis and Peter Cooney)

Economy

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

Published

1 day 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

2 days 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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