CAD news
- The USD/CAD has declined to the lowest level since March 9 ahead of the BOC interest rate decision.
- The downward momentum is primarily because of the surging crude oil price.
- It is also because of the flattening of the coronavirus curve in Canada and the reopening.
Features & analysis
Latest CAD news
The Canadian dollar rose against the US dollar as oil prices surged today. Brent, the global benchmark, rose by more than 10% while West Texas Intermediate (WTI) rose by more than 9%. As of this writing, the USD/CAD pair is trading at 1.4133, which is 0.40% lower than where it opened yesterday. Still, Canadian dollar is down by more than 9% against the greenback this year. Canadian dollar performance against USD this year Crude oil price pushes C...
The Bank of Canada (BoC) resorted to another emergency rate cut this month announcing a reduction of 50 basis points in its key overnight rate on Friday. The BoC said it was the need of the hour considering the widespread impact of the Coronavirus pandemic on the financial system and the Canadian economy at large. In an emergency policy meeting held on Friday, Canadian lawmakers decided in favor of slashing the overnight interest rate from 0.75%...
Statistics Canada announced its monthly report on wholesale sales in January on Monday. The data suggested wholesale sales to have improved in January but failed to stir a significant movement in the forex market. The Statistics Department recorded Canada’s wholesale sales at £56.6 billion in January that marked a 1.8% increase. In December, wholesale sales had posted a 1.0% growth. Analysts had forecast a 0.2% reduction in wholesale...
Statistics Canada released its monthly report on retail sales in January on Friday. The data showed the Canadian retail sales to have climbed in January despite the rising pressures from the Coronavirus pandemic. The Statistics Department said on Friday that retail sales surged 0.4% in January. In December, Canadian retail sales had posted a smaller 0.2% growth instead. Economists had forecast a slightly lower 0.3% gain in Canadian retail sales i...
Statistics Canada releases its monthly report on consumer prices on Wednesday. The data suggested the Canadian consumer price index (CPI) to have marginally increased in February on a monthly basis despite the Coronavirus emergency that is threatening to push the global economy into recession. Statistics Canada revealed consumer prices to have surged by 0.4% in February. In January, Canadian CPI was capped at a slightly lower 0.3%. Wednesday&rsqu...
Statistics Canada revealed its report on trade balance on Friday. The data suggested a broader than anticipated trade deficit in January at C$1.47 billion ($1.10 billion). The official data attributed the wider deficit to reduced exports of automobiles and relevant parts. Analysts were expecting a much smaller deficit of C$830 million. Data for December was also revised on Friday to a trade deficit of C$732 million from C$370 million recorded ear...
Statistics Canada released its unemployment report on Friday that suggested 30.3K new jobs added to the economy in February. The unemployment rate, on the other hand, increased marginally to 5.6% last month. The data came out sharply stronger than expected on Friday as analysts had estimated a much smaller 10K new jobs in Canada in February. The unemployment rate, however, matched the economists forecast that was previously reported at 5.6% for F...
The Bank of Canada is the latest to join the league of major economies that resorted to monetary policy leniency in an attempt to cope with the rising pressures from Coronavirus as it continues to disrupt business operations across the globe. After Australia and the United States, the Bank of Canada (BoC) announced a 0.50%-point reduction in the overnight rate on Wednesday. The benchmark rate was cut from 1.75% to 1.25%. The BoC also reiterated t...
Statistics Canada announced the quarterly GDP report on Friday. The data suggested Canada’s economic growth to have slumped to 0.3% annualized rate in Q4. The reading was marked the worst in around 4 years. According to Statistics Canada, unusually bad weather, disruptions in business operations driven from the recent outbreak of Coronavirus in China and its fast spread across borders, and strikes were among the top reasons that contributed...
Statistics Canada announced the monthly retail sales report for December on Friday. The data suggested retail sales in Canada to have remained unchanged in December from C$51.65 posted in November. As per Friday’s report, while dealers in the building material and garden equipment/supplies niche reported an increase in sales in December, the gain was offset by a sharp decline in sales reported by the motor vehicle and parts dealers. Food an...
Statistics Canada announced the monthly consumer price index (CPI) report for January on Wednesday. The data highlighted a 2.4% growth in Canada’s annual inflation last month. Much of the gain, according to the analysts, was attributed to higher prices for gasoline. Giving an optimistic view of the economy, experts anticipate Wednesday’s data to fuel the debate on the strength of the Canadian economy and whether or not the Bank of Can...
Statistics Canada announced the monthly manufacturing sales report for December on Tuesday. The data highlighted Canadian factory sales to have sharply declined in December. 2019 was a tough year for Canada’s manufacturing sector at large. Tuesday’s data highlighted that the last economic report concerning the manufacturing sector failed to stir any optimism in it either. December’s report on Canadian factory shipments marked th...
The Canada Mortgage and Housing Corporation (CMHC) released the housing starts and building permits report for January on Monday. Despite beating the markets’ estimates on both fronts, however, USD/CAD was seen trading higher at 1.3324 following the release of the economic data. The report highlighted housing starts in Canada to have posted a 4-month high in January. Housing starts were recorded at 213,000 annualized units last month. In De...
The data for employment change in Canada in January came surprisingly well for the economy on Friday. Statistics Canada revealed the country to have added over two times the number of jobs as compared to what the analysts had expected in January. Friday’s data, as per economists, is sufficiently supportive of the Canadian economy to convince the central bank to avoid a rate cut in the upcoming month. In its announcement on Friday, Statistic...
Statistics Canada announced a 0.1% growth in Canadian GDP monthly report for November on Friday. With central Canada struck by an unforeseen cold snap, the use of utility was recorded higher in the period that contributed to unexpected growth in the Canadian economy. In the previous month’s (October) report, the gross domestic product was seen at 0.1% lower. Analysts had anticipated no change in the Canadian economy in November’s repo...
Statistics Canada announced retail sales to have surged more than estimated in November. Canadian retail sales were recorded at 0.9% on Friday that helped regain much of October’s loss. The report further highlighted the motor vehicle and food/beverage sectors to have contributed the most in the upbeat data for November. The decline in retail sales was posted at 1.2% in October, following which, analysts had forecast a 0.4% gain for Novembe...
Statistics Canada announced the Consumer Price Index (CPI) report on Wednesday. As per the report, the index remained unchanged in December that further supported the probability of the Bank of Canada deciding in favor of keeping the rates unchanged as well at 1.75% in its policy meeting scheduled for later today. In terms of year over year, the consumer price index recorded a gain of 2.2% in December that aligned with November’s report. Ec...