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Posts tagged: Canadian

Oil Prices Continue Drag on Canadian Dollar

By , January 14, 2015 7:39 am

All the Canadian dollar bills denominationsOil prices continue to pull on the Canadian dollar today, bringing it down against the US dollar to a level not seen since 2009. Loonie is likely to continue to fall further, as long as the oil slide is in effect.

For the Canadian dollar, almost the entire story right now is oil. Oil prices continue to slide, with crude dropping to less than $ 46 a barrel. The drop is bad for the Canadian economy, which relies heavily on oil for support. Indeed, Stephen Poloz, the governor of the Bank of Canada, says that he expects growth forecasts to drop by about one third of a percentage point, just due to the drop in oil prices.

With oil dragging on the Canadian economy, there are concerns that the Bank of Canada won’t be able to raise rates anytime soon. This is likely to lead to further policy divergence from the United States as well. As a result of these expectations, the USD/CAD pair has hit 1.20 for the first time in almost six years. While loonie has pared some of its earlier losses, it’s still down.

At 13:15 GMT USD/CAD is up to 1.1964 from the open at 1.1953. EUR/CAD is up to 1.4089 from the open at 1.4071. GBP/CAD is up to 1.8172 from the open at 1.8124.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Mixed During Early Friday’s Trading

By , January 8, 2015 6:19 pm

Canadian 50- and 100-dollar billsThe Canadian dollar was mixed at the early trading on Friday. While the currency attempted to extend its rally versus the Japanese yen, it was trading virtually flat against the euro and the US dollar.

The Canadian dollar was rising for two days against the yen and is now attempting to extend its rally for a third session. The currency also gained for two sessions versus the euro but halted its advances as of now. As for the loonie’s performance against the greenback, the Canadian currency dropped yesterday against its US counterpart and is trading close to the opening level today.

Fundamentally, times are tough for the Canadian dollar. While crude oil, the major Canada’s export commodity, bounced a bit over the last couple of days, energy prices remain subdued. Additionally, the rally of the US dollar drains away strength from other currencies, including the Canadian one.

USD/CAD advanced from 1.1813 to 1.1827 yesterday and traded at 1.1828 as of 00:12 GMT today. EUR/CAD traded near 1.3944 following the drop from 1.3982 to 1.3940 during the previous trading session. CAD/JPY gained from 101.08 to 101.22.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Drops as CPI Declines, Still Stronger than Yen

By , December 19, 2014 1:57 pm

Canadian 20-dollar billsThe Canadian dollar fell today as Canada’s consumer prices declined more than was expected. Still, the currency was able to outperform the euro and the Japanese yen.

Canada’s Consumer Price Index fell 0.4 percent in November from the previous month (not seasonally adjusted) while experts predicted just a 0.2 percent decline. The core CPI declined 0.2 percent while forecasters predicted no drop. Retails sales showed no change in October from September. This is compared to the predicted drop by 0.4 percent.

The falling CPI makes it is unlikely for the Bank of Canada to raise interest rates anytime soon. Considering prospects for monetary tightening from the Federal Reserve, the Canadian dollar should continue to underperform compared to its US counterpart. At the same time, exceptionally accommodative policy of the Japanese central bank allowed the loonie to gain on the yen.

USD/CAD rose from 1.1575 to 1.1603 as of 20:34 GMT today after touching the daily high of 1.1632. EUR/CAD dropped from 1.4221 to 1.4185, reversing the rally to daily maximum of 1.4290. CAD/JPY advanced from 102.60 to 103.03.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Turns Down

By , December 4, 2014 8:13 pm

All the Canadian dollar bills denominationsThe Canadian dollar rallied on Wednesday after the Bank of Canada kept its monetary policy unchanged. The currency fell on Thursday and continued to move down during the early Friday’s session though it did not erase its Wednesday’s gains completely.

The BoC decided to keep its key interest rate at 1 percent. The central bank said in the statement that “Canada’s economy is showing signs of a broadening recovery”. Yet the bank also mentioned that “weaker oil prices pose an important downside risk to the inflation profile”.

It is possible that the drop of oil prices is exactly the reason why the currency declined after the initial rally. The Canadian dollar fell even though the Purchasing Managers’ Index demonstrated a huge increase. There are some experts who argue that the performance of the Canadian currency is not as strongly tied to oil prices as it is usually considered.

There is couple of important economic reports from Canada that are scheduled on Friday and that may impact the loonie. Namely, employment data and the trade balance are the indicators that traders should watch for.

USD/CAD ticked up from 1.1384 to 1.1393 as of 1:36 GMT today. EUR/CAD rose from 1.4090 to 1.4105. CAD/JPY was flat at 105.18.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Remains Under Pressure Despite Rising GDP

By , November 28, 2014 5:16 pm

Canadian 50- and 100-dollar billsThe Canadian dollar ended today’s session with losses even though Canada’s economy demonstrated growth in September following the previous month’s decline. It looks like the currency remains under pressure from yesterday’s OPEC announcement.

Canada’s gross domestic product expanded 0.4 percent in September on a monthly basis following the 0.1 percent decline in August. GDP grew 0.7 percent in the third quarter.

Other economic indicators were not as good. The Industrial Product Price Index declined 0.5 percent in October, mainly due to falling prices for energy and petroleum products. The Raw Materials Price Index tumbled 4.3 percent last month, driven for the most part by lower prices for crude energy products.

The Organization of Petroleum Exporting Countries refrained at yesterday’s meeting from cutting output. This decision drove prices for crude oil and oil-related currencies down.

USD/CAD advanced from 1.1330 to settle at 1.1437. EUR/CAD climbed from 1.4124 to 1.4227. CAD/JPY rallied from 103.85 to 104.28 intraday but fell later to close at 103.73.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Earlier News About the Canadian Dollar:

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Canadian Dollar Sinks After OPEC Meeting

By , November 27, 2014 11:20 am

LooniesToday, trading is lighter than usual due to a holiday in the United States. But this does not mean that the Forex market was quiet. Traders were focusing on the OPEC meeting, and it certainly affected the market. The Canadian dollar together with other oil-related currencies sank after the gathering.

The Organization of Petroleum Exporting Countries held a meeting in Vienna today. Analysts were speculating ahead of the event that the organization might reduce production quotas to address the slump of prices for crude oil. This has not come to be as the OPEC stated:

Recording its concern over the rapid decline in oil prices in recent months, the Conference concurred that stable oil prices – at a level which did not affect global economic growth but which, at the same time, allowed producers to receive a decent income and to invest to meet future demand – were vital for world economic wellbeing. Accordingly, in the interest of restoring market equilibrium, the Conference decided to maintain the production level of 30.0 mb/d, as was agreed in December 2011.

Oil prices sank after the announcement. Currencies of oil-producing countries followed the drop. The Canadian dollar, the Norway krone and the Russian ruble were among the losers.

USD/CAD jumped from 1.1245 to 1.1343 as of 17:57 GMT today. EUR/CAD advanced from 1.4060 to 1.4147, and CAD/JPY tumbled from 104.67 to 103.79.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Inflation Pushes Loonie to New Highs

By , November 21, 2014 1:50 pm

A fan of 100-dollar notesThe Canadian dollar rose today, touching the highest level in a month against its US counterpart, as Canada’s inflation exceeded expectations. The currency also rallied to the strongest level in a year versus the euro and reached a new multi-year high against the Japanese yen.

The Canadian Consumer Price Index rose 0.1 percent in October from September on a seasonally adjusted basis while economists expected a drop. The core CPI was up 0.2 percent (seasonally adjusted) last month, at same rate as in September and August.

The positive data led to speculations that the Bank of Canada will start raising interest rates sooner. Indeed, the central bank did not mention “neutral” stance of policy going forward in the statement of its last policy meeting. Analysts think the change to the language suggests that Canadian policy makers are less dovish than they have been before. It is unlikely that the BoC will tighten monetary policy sooner than the Federal Reserve, but the current policy outlook is supportive for the Canadian currency nonetheless.

USD/CAD went down from 1.1303 to 1.1238 as of 20:23 GMT today while its daily low of 1.1190 was the lowest since October 31. EUR/CAD sank from 1.4174 to 1.3920, trading near the weakest level since November 7, 2013. CAD/JPY rallied from 104.51 to 104.73, touching the maximum of 105.31 intraday — the strongest rate since August 2008.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Dollar Holds to Gains

By , November 13, 2014 7:11 am

Canadian coins on Canadian dollar billsCanadian dollar is holding to gains made yesterday, following the announcement of positive employment news. Loonie is managing to hold its own a bit better now that oil prices seem to have stabilized somewhat, and with economic data remaining fairly positive.

Loonie is a little bit higher against the US dollar today, maintaining some of its gains from yesterday. Additionally the Canadian dollar is higher than the UK pound, which is still reeling from economic data disappointment.

Canadian data has been relatively positive, with employment numbers showing strength. And, even though the budget surplus for next year will be lower than originally expected, the reality is that many analysts think that the family-friendly measures reducing the surplus will help the Canadian economy.

Also helping the loonie right now is the fact that oil prices seem to be stabilizing. Oil prices have been dropping rather quickly, but they seem to have leveled off a little bit, even though the price of crude is slightly lower today. Canada relies on oil for economic growth, so stabilizing prices are helpful.

At 11:29 GMT USD/CAD is lower, falling to 1.1308 from the open at 1.1316. EUR/CAD is higher, moving up to 1.4099 from the open at 1.4070. GBP/CAD is lower, falling to 1.7831 from the open at 1.7862.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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Canadian Warplanes Launch First Airstrike in Iraq

By , November 3, 2014 9:23 am

Canadian Warplanes Launch First Airstrike in Iraq

Posted 2014-11-03 02:28 GMT

(AP) — Canadian warplanes involved in the U.S.-led bombing campaign against militants in Iraq have launched their first airstrikes since deploying to the region.

A statement from Defense Minister Rob Nicholson’s office on Sunday said two fighter jets attacked targets in the vicinity of Fallujah with laser-guided bombs and safely returned to their base in Kuwait. Few other details were immediately released.

Canada has deployed six CF-18s along with a C-150 Polaris and two CP-140 Aurora surveillance aircraft as its contribution to the bombing campaign against the Islamic State group, which has seized large parts of Iraq and Syria. About Canadian 600 airmen and airwomen are involved.

Following a request from the U.S., Canada’s Parliament voted last month to authorize the airstrikes. The motion authorized air strikes in Iraq for up to six months and explicitly stated that no ground troops be used in combat operations.

Canada is among dozens of countries that have joined the U.S.-led coalition fighting the Islamic State group.

Assyrian International News Agency

Canadian Dollar Trades Mixed Against Major Counterparts

By , October 30, 2014 5:48 am

A fan of 100-dollar notesCanadian dollar is trading mixed today, thanks to the latest comments from central bankers. Information from the Federal Reserve, as well as testimony from the Bank of Canada’s Stephen Poloz, are contributing to the loonie’s losses to the US dollar.

The Canadian dollar is moving lower today against the US dollar, but still has the upper hand against the euro. Loonie is heading lower against the greenback after the release of a statement from the Federal Reserve ending its asset purchase program. This is as expected, and now the speculation about when interest rates will rise begins in earnest.

Stephen Poloz, from the Bank of Canada, is also having an impact. His testimony before the Senate banking committee wasn’t particularly upbeat, and that is impacting the loonie’s performance against the greenback. Poloz remarked on falling oil prices, and said that he thought that they could affect Canada’s GDP in 2015.

The greenback’s gains continue to underscore the policy divergence between Canada and the United States. The BOC still plans to keep rates low, and the Fed is showing signs moving past that.

At 10:25 GMT USD/CAD is up to 1.1194 from the open at 1.1183. EUR/CAD is lower, falling to 1.4095 from the open at 1.4126. GBP/CAD is higher, moving up to 1.7913 from the open at 1.7906.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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