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Canadian Loonie Depreciates
The Canadian dollar depreciated to trade around $1.40, as oil prices dropped amid escalating US-China tensions and concerns over the global economy recovery. Latest data showed retail sales in Canada plunged 10% in April, the largest drop on record, amid business closures and lockdowns due to the covid-19 outbreak. Since March the Bank of Canada has cut its benchmark interest rates by 150 bps and started its first-ever foray into quantitative easing. Meantime Ottawa is rolling out about CAD 300 billion in measures aiming to support the economy.
Published on 2020-05-22

Loonie Continues to Appreciate
The Canadian dollar appreciated to trade around $1.39, amid a rise in oil prices on signs of an improving demand and hopes of a global economic recovery. Meantime, latest data showed Canada’s consumer prices fell for the first time since 2009 in April, as cost of gasoline declined at a record pace due to lower oil demand amid limited travel and business closures and an oversupply in the oil market. Since March, the Bank of Canada has cut its benchmark interest rates by 150 bps and started its first-ever foray into quantitative easing.
Published on 2020-05-20

Canadian Loonie Appreciates on Monday
The Canadian dollar appreciated to trade around $1.40, amid a rise in oil prices and hopes of a coronavirus vaccine after Moderna announced positive results on its first human trial. Since March the Bank of Canada has cut its benchmark interest rates by 150 bps and started its first-ever foray into quantitative easing. Meantime Ottawa, which is rolling out about CAD 300 billion in measures aiming to support the economy, announced that it would be the lender of last resort for firms that need help getting through the economic fallout from the coronavirus.
Published on 2020-05-18

Canadian Loonie Depreciates
The Canadian dollar depreciated to trade around $1.41 as investors scramble for the safety of the US dollar after Fed Chair Powell warned of a recession worse than any since World War Two. Worries about a second wave of coronavirus infections after some countries began reopening their economies also weighed on sentiment. Ottawa, which is rolling out about CAD 300 billion in measures aiming to support the economy, announced that it would be the lender of last resort for firms that need help getting through the economic fallout from the coronavirus. Since March the Bank of Canada has cut its benchmark interest rates by 150 bps and started its first-ever foray into quantitative easing.
Published on 2020-05-14

Loonie Appreciates
The Canadian dollar traded around $1.39, as oil prices rose amid hopes of a recovery in global fuel demand as some countries around the world started easing coronavirus lockdowns. Meantime, latest data showed the Canadian economy shed a record 1.99 million jobs in April, less than market expectations of a 4 million drop. Ottawa is rolling out about CAD 300 billion in measures aiming to cushion the economic fallout from the coronavirus, while the Bank of Canada has cut its benchmark interest rates by 150 bps since March and began its first-ever foray into quantitative easing.
Published on 2020-05-08

Canadian Loonie Appreciates
The Canadian dollar continued to appreciate to trade around $1.40, as oil prices rose amid optimism over a recovery on demand as some countries around the world started to ease coronavirus lockdown measures. Quebec, the worst-affected province in Canada, started to reopening its economy on Monday, but the city of Montreal delayed it to May 18 from May 11. Investors are following closely monetary policy developments as Tiff Macklem was named as Canada’s new central bank governor starting June 3rd. The Bank of Canada has cut interest rates by 150 bps since March to 0.25% and began its first-ever foray into quantitative easing.
Published on 2020-05-05

Canadian Dollar Depreciates
The Canadian dollar depreciated to trade around $1.41, its lowest level in over a week, as investors took refuge in safety bids amid rising tensions between Washington and Beijing as the Trump administration is casting blame for the covid-19 spread on China. Also, investors were following closely monetary policy developments after Tiff Macklem, who was named as Canada’s new central bank governor starting June 3rd, said that in the current situation he sees the present level of interest rates, at 0.25%, as the effective lower bound. The Bank of Canada has cut interest rates by 150 bps since March to 0.25% and began its first-ever foray into quantitative easing.
Published on 2020-05-04

Loonie Hits 6-week High
The Canadian dollar continued to appreciate to trade around $1.38, its highest level in six weeks, as oil prices rose on hopes of a fuel demand recovery and prospects of further economic stimulus. Ottawa is rolling out more than CAD 200 billion in measures aiming to cushion the economic fallout from the coronavirus, while the Bank of Canada has cut its benchmark interest rates by 150 bps since March and began its first-ever foray into quantitative easing.
Published on 2020-04-30

Loonie Trades Around $1.41
The Canadian dollar continued to appreciate to trade around $1.41, as oil prices rose on hopes of further production cuts and prospects of further economic stimulus. Ottawa is rolling out more than CAD 200 billion in measures aiming to cushion the economic fallout from the coronavirus, while the Bank of Canada has cut its benchmark interest rates by 150 bps since March and began its first-ever foray into quantitative easing.
Published on 2020-04-24

Loonie Continues to Appreciate
The Canadian dollar continued to appreciated to trade around $1.41 on Thursday, as oil prices rallied on hopes that major oil producers might announce additional supply cuts amid the collapse in global demand due to the coronavirus crisis. Prime Minister Trudeau announced a CAD 9 billion plan to help Canadian students on Wednesday. The Canada Emergency Student will give students CAD 1,250 a month from May to August and CAD 1,750 each month if they take care of someone else or has a disability.
Published on 2020-04-23

Loonie Appreciates on Wednesday
The Canadian dollar appreciated to trade around $1.41 on Wednesday, as oil prices rebounded from recent lows. Meantime, latest data showed consumer inflation in the country fell to a near 5-year low of 0.9% in March, amid the coronavirus pandemic and oil supply war. The number of covid-19 cases in the country already surpassed 38,400 and the death toll reached 1,834.
Published on 2020-04-22

Loonie Depreciates to 2-Week Low
The Canadian dollar depreciated to a two-week low of $1.42 on Tuesday, after US crude futures turned negative for the first time ever. Meanwhile, Canada's province of Ontario forecast 20,000 coronavirus cases by the end of the month, a quarter of the number it had projected three weeks ago. The number of infections in the country already surpassed 36,800 and the death toll reached 1,690.
Published on 2020-04-21

Loonie Depreciates on Oil Prices
The Canadian dollar depreciated to trade around $1.41 on Monday, as oil prices dropped to levels not seen since 1999 amid concerns that storage facilities in the US will run out of capacity. Meanwhile, Prime Minister Trudeau announced on Saturday that Canada and the US have agreed to extend border restrictions for another 30 days to help control the spread of coronavirus. The country recorded a total of 35,056 cases and 1,587 deaths.
Published on 2020-04-20

Loonie Trades Around $1.40
The Canadian dollar traded around 1.40 against the USD on Friday, amid hopes that a coronavirus treatment is near and after US President Trump unveiled a plan to gradually reopen American economy. On Thursday, BoC Governor Poloz said that once the coronavirus outbreak is over it could take the Canadian economy a couple of years to recover. Reports that the government will announce later in the day measures to help the oil and gas industry, which has been hard hit by low prices and the covid-19 pandemic lifted investors’ mood.
Published on 2020-04-17

Loonie Depreciates to 1-Week Low
The Canadian dollar depreciated to a one-week low of $1.418 on Thursday, as latest data from ADP showed the economy lost 177,300 jobs in March amid lockdowns and business closures due to the coronavirus pandemic. Data comes a day after the release of the GDP flash estimate, which showed the economy shrank a record 9% in March. Meantime, Prime Minister Trudeau said that Canada’s border restrictions with the US will remain in place “for a significant time” as the two countries fight the covid outbreak.
Published on 2020-04-16

Loonie Appreciates as Oil Prices Rise
The Canadian dollar appreciated to trade around $1.41 on Thursday, as oil prices rebounded on hopes that major oil producers could agree on deeper output cuts after a big surge in US inventories. The Bank of Canada on Wednesday left its benchmark interest rate unchanged at 0.25% and added provincial and corporate bonds to its quantitative easing program.
Published on 2020-04-16

Loonie Continues to Depreciate after BoC Policy Decision
The Canadian dollar continued to depreciate to trade around $1.40 on Wednesday, after the Bank of Canada left its benchmark interest rate unchanged at 0.25% as expected and added provincial and corporate bonds to its QE program. Policymakers said that they cannot provide a complete forecast for the economy as the outlook is too uncertain amid the coronavirus outbreak, but added that estimates suggest that the near-term economic downturn will be the sharpest on record. Latest flash data showed the Canadian economy is expected to shrink a record 9% in March amid lockdowns and business closures due to the covid-19. Meanwhile, Prime Minister Trudeau said on Tuesday that Canada’s economic shutdown will last for weeks more to ensure that measures to fight the coronavirus are working
Published on 2020-04-15

Loonie Depreciates Ahead Monetary Policy Decision
The Canadian dollar depreciated more than 1% to trade around $1.40 on Wednesday amid growing concerns over a deep recession and ahead of the Bank of Canada monetary policy decision later in the day. The IMF warned on Tuesday that the global economy is expected to shrink by 3% this year, the worst contraction since the Great Depression. Meanwhile, Prime Minister Trudeau said that Canada’s economic shutdown will last for weeks more to ensure that measures to fight the coronavirus are working. The number of infections in the country already surpassed 27,000 and the death toll reached 903.
Published on 2020-04-15

Loonie Hovers Around 1-Month High
The Canadian dollar was little changed at four-week high of $1.38 on Tuesday, amid better-than-expected trade data from China and hopes that some countries might be easing restrictions measures. Meantime, the country registered 25,680 coronavirus cases and 780 deaths.
Published on 2020-04-14

Loonie Little Changed after Oil Cut Deal
The Canadian dollar was little changed at 1.39 against the US dollar on Monday, after major oil producers agreed on a record output cut of 9.7 million bpd on Sunday aiming to stabilize global oil market amid a drop in demand due the coronavirus pandemic. Canada welcomed the deal, saying the country was committed to achieving price certainty and economic stability.
Published on 2020-04-13