Latest news with #AdamButton
CTV News
26-05-2025
- Business
- CTV News
‘Real momentum': currency analyst expects loonie to reach 75 cents U.S. this year
Adam Button, chief currency analyst at Forexlive, shares his analysis of the currency market and his bullish case for the Canadian dollar despite uncertainty.
Reuters
22-04-2025
- Business
- Reuters
Canadian dollar outperforms G10 peers as trade war fears ease
TORONTO, April 22 (Reuters) - The commodity-linked Canadian dollar was the top-performing Group of 10 currencies on Tuesday as investors weighed prospects of trade tensions de-escalating between the United States and China. Wall Street rallied and the U.S. dollar jumped against a basket of major currencies after a report that U.S. Treasury Secretary Scott Bessent had said a tariff standoff with China was unsustainable, and that he expects the situation to de-escalate. "The Canadian dollar tends to outperform when trade tensions are declining and underperform when trade tensions are rising," said Adam Button, chief currency analyst at ForexLive. "It says to me the global paradigm is really the one to think about." The price of oil settled up nearly 2% at $64.31 a barrel, while the loonie was trading 0.2% higher at 1.3816 per U.S. dollar, or 72.38 U.S. cents. It was the only G10 currency to gain ground against the greenback. On Monday, it touched a six-month intraday high at 1.3778. Canada has largely avoided U.S. tariffs on goods that are compliant with a continental trade pact but its exports, including oil, face additional headwinds from an expected global economic downturn. "Canada is likely to be collateral damage," Button said. The IMF slashed its Canadian growth forecast to 1.4% in 2025 and 1.6% in 2026 from 2% projected for both years in January. Canadian Prime Minister Mark Carney took his election campaign to Quebec, saying only he could protect the predominantly French-speaking province from U.S. President Donald Trump. Canadian bond yields were mixed across a flatter curve, with the 10-year down 4.5 basis points at 3.199%.
Yahoo
19-03-2025
- Business
- Yahoo
Canadian dollar dips after short-lived boost from inflation data
By Fergal Smith TORONTO (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Tuesday, pulling back from an earlier 12-day high, as equity markets fell and investors looked past hotter-than-expected Canadian inflation data. The loonie was trading 0.1% lower at 1.4305 per U.S. dollar, or 69.91 U.S. cents, after touching its strongest intraday level since March 6 at 1.4271. Canada's annual inflation rate rose to 2.6% in February, surpassing expectations for a rate of 2.2%, as a sales tax break that ended in the middle of the month pushed prices higher amid an already broad-based increase. "The Canadian dollar jumped and then gave it right back," said Adam Button, chief currency analyst at ForexLive. "I think the market is a little bit more concerned about growth right now." Investors see a 38% chance of a Bank of Canada interest rate cut at its next policy decision on April 16, slightly less than before the data. Wall Street's main indexes were lower on worries about the economic impact of U.S. tariff policies ahead of a monetary policy decision from the Federal Reserve. Canada is a major producer of commodities, including oil, so the loonie tends to be sensitive to the signal that equities send about the economic outlook. The price of oil, one of Canada's major exports, settled 1% lower at $66.90 a barrel as Ukraine peace talks offset worries about Mideast instability. Canadian government bond yields were mixed across the curve. The 10-year was up less than half a basis point at 3.017% after pulling back from an earlier high of 3.110%. Sign in to access your portfolio
Reuters
18-03-2025
- Business
- Reuters
Canadian dollar dips after short-lived boost from inflation data
Summary Canadian dollar falls 0.1% against the greenback Touches a 12-day intraday high at 1.4271 Canada's inflation rate increases to 2.6% Bond yields trade mixed across the curve TORONTO, March 18 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Tuesday, pulling back from an earlier 12-day high, as equity markets fell and investors looked past hotter-than-expected Canadian inflation data. The loonie was trading 0.1% lower at 1.4305 per U.S. dollar, or 69.91 U.S. cents, after touching its strongest intraday level since March 6 at 1.4271. here. Canada's annual inflation rate rose to 2.6% in February, surpassing expectations for a rate of 2.2%, as a sales tax break that ended in the middle of the month pushed prices higher amid an already broad-based increase. "The Canadian dollar jumped and then gave it right back," said Adam Button, chief currency analyst at ForexLive. "I think the market is a little bit more concerned about growth right now." Investors see a 38% chance of a Bank of Canada interest rate cut at its next policy decision on April 16, slightly less than before the data. Wall Street's main indexes were lower on worries about the economic impact of U.S. tariff policies ahead of a monetary policy decision from the Federal Reserve. Canada is a major producer of commodities, including oil, so the loonie tends to be sensitive to the signal that equities send about the economic outlook. The price of oil, one of Canada's major exports, settled 1% lower at $66.90 a barrel as Ukraine peace talks offset worries about Mideast instability. Canadian government bond yields were mixed across the curve. The 10-year was up less than half a basis point at 3.017% after pulling back from an earlier high of 3.110%.
Reuters
17-03-2025
- Business
- Reuters
Canadian dollar posts 11-day high as investor sentiment improves
Summary Canadian dollar gains 0.6% against the greenback Touches an 11-day high at 1.4276 Home sales tumble 9.8% in February Bond yields ease across the curve TORONTO, March 17 (Reuters) - The Canadian dollar strengthened to an 11-day high against its U.S. counterpart on Monday as equity markets rallied and investors cheered China's plan to stimulate consumption. The loonie was trading 0.6% higher at 1.4280 per U.S. dollar, or 70.03 U.S. cents, after touching its strongest intraday level since March 6 at 1.4276. "A strong bounce in equities has boosted risk sentiment today, which has weakened the USD across the board," said George Davis, chief technical strategist at RBC Capital Markets. "There hasn't been much news on the tariff front today, which is also helping sentiment." Wall Street rallied as some investors took advantage of the recent selloff to buy stocks at cheaper prices. China's State Council unveiled on Sunday what it called a "special action plan" to boost domestic consumption. "The market has been waiting for a deal for Chinese consumer stimulus for six months," Adam Button, chief currency analyst at ForexLive. "There are some seeds of global growth being planted and the market is feeling a bit better about tariffs." U.S. President Donald Trump's tariff hikes will drag down growth in Canada, Mexico and the United States while driving up inflation, the OECD forecast. Canada is a major producer of commodities, including oil, so the loonie tends to be sensitive to prospects for the global economy. The price of oil settled 0.6% higher at $67.58 a barrel after the United States vowed to keep attacking Yemen's Houthis until the Iran-aligned group ends its assaults on shipping. Canadian home sales tumbled 9.8% in February, the biggest decline in nearly three years, as the onset of a trade war kept buyers on the sidelines. Canadian bond yields moved lower across the curve. The 10-year was down 4.7 basis points at 3.019%.
