The loonie was trading 0.1% higher at 1.2507 to the greenback, or 79.96 U.S. cents, after trading in a range of 1.2488 to 1.2548.
On Tuesday, the currency touched its weakest intraday level in nearly two weeks at 1.2589, but then rallied as oil, one of Canada‘s major exports, clawed back some recent losses.
The Canadian dollar is “strengthening in response to higher oil prices over the past several days,” said Eric Theoret, global macro strategist at Manulife Investment Management.
“The CAD is also seeing added strength from renewed weakness in the broader USD following this morning’s better than feared U.S. CPI release.”
U.S. crude oil futures on Wednesday settled 1.4% higher at $69.25 a barrel, changing course after the Biden administration said it would not call on U.S. producers to increase crude output and that efforts to increase OPEC production were a longer-range plan.
The U.S. dollar fell against a basket of major currencies after data showed U.S. consumer price increases slowing in July.
Still, inflation overall remained historically high amid continued supply-chain disruptions and stronger demand for travel-related services as economic activity rebounded.
The Fed is paying close attention to price pressures as it mulls when to begin reducing its massive bond holdings. A signal on the timing could come at a meeting of central bankers in Jackson Hole, Wyoming, on Aug. 26-28.
Canadian government bond yields eased across much of the curve. The 10-year dipped about half a basis point to 1.265%, after earlier touching its highest since July 15 at 1.295%.
(Reporting by Fergal Smith; Editing by Anil D’Silva and Marguerita Choy)
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.
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.
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.
