Latest news with #CanadianDollar
Reuters
4 hours ago
- Business
- Reuters
Canadian dollar heads for fourth straight monthly gain as GDP beats estimates
TORONTO, May 30 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Friday, and was headed for a monthly gain, as stronger-than-expected Canadian economic growth bolstered expectations the Bank of Canada would continue to leave interest rates on hold at a policy decision next week. The loonie was trading 0.4% higher at 1.3750 per U.S. dollar, or 72.73 U.S. cents, after moving in a range of 1.3740 to 1.3829. For the month, the currency was on track to gain 0.3%. That would be its fourth straight monthly advance, the longest such stretch since May 2021. Canadian gross domestic product increased at an annualized rate of 2.2% in the first quarter, eclipsing the 1.7% rise that economists had expected, as U.S. companies rushed to stockpile Canadian goods before the implementation of tariffs. A separate report showed GDP rising 0.1% in March from February, while a preliminary estimate for April also showed a gain of 0.1%. "The odds favour a hold at next week's Bank of Canada meeting," Karl Schamotta, chief market strategist at Corpay, said in a note. It's possible "that the flow of credit into Canadian households unleashed by last year's rate-cutting cycle is translating into more spending power," Schamotta added. Investors see a roughly 75% chance the BoC leaves its benchmark interest rate unchanged at 2.75% on Wednesday. The central bank moved to the sidelines in April for the first time since its easing campaign began last June. The price of oil , one of Canada's major exports, was trading 1.2% lower at $60.20 a barrel as investors weighed prospects of a potentially larger OPEC+ output hike for July. The Canadian 10-year yield was little changed at 3.205% as U.S. Treasury yields declined following data that showed American inflation was in line with expectations last month.
CTV News
8 hours ago
- Business
- CTV News
S&P/TSX composite trades lower on Friday, U.S. markets mixed
The TMX Market Centre is shown in Toronto, Wednesday, Sept. 11, 2024. THE CANADIAN PRESS/Paige Taylor White TORONTO — Canada's main stock index closed lower on Friday along with some U.S. markets as commodities also trended down. The S&P/TSX composite index was down 35.51 points at 26,175.05. In New York, the Dow Jones industrial average was up 54.34 points at 42,270.07. The S&P 500 index was down 0.48 points at 5,911.69, while the Nasdaq was down 62.11 points at 19,113.77. The Canadian dollar traded for 72.68 cents US compared with 72.43 cents US on Thursday. The July crude oil contract was down 15 cents US at US$60.79 per barrel and the July natural gas contract was down seven cents US at US$3.45 per mmBTU. The August gold contract was down US$28.50 at US$3,315.40 an ounce and the July copper contract was flat at US$4.68 a pound. This report by The Canadian Press was first published May 30, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press
CTV News
2 days ago
- Business
- CTV News
TSX down, U.S. markets mixed after court decision around Trump tariffs
Bank towers are pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj TORONTO — Canada's main stock index fell and U.S. markets were mixed Thursday as they reacted to a court decision on U.S. President Donald Trump's tariff regime. The S&P/TSX composite index was down 61.53 points at 26,22192. In New York, the Dow Jones industrial average was down 66.61 points at 42,032.09. The S&P 500 index was up 11.47 points at 5,900.02, while the Nasdaq composite was up 94.47 points at 19,195.41. The Canadian dollar traded 72.40 for cents US compared with 72.33 cents US on Wednesday. The July crude oil contract was down 75 cents US at US$61.09 per barrel and the July natural gas contract was down eight cents US at US$3.47 per mmBTU. The August gold contract was up US$17.60 at US$3,340 an ounce and the July copper contract was down half a cent at US$4.67 a pound. This report by The Canadian Press was first published May 29, 2025.
Reuters
2 days ago
- Business
- Reuters
Canadian dollar dips as greenback notches broad-based gains
TORONTO, May 28 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Wednesday as recent U.S. economic data bolstered the appeal of the American currency and ahead of domestic GDP data that could guide expectations for the Bank of Canada policy decision. The loonie was trading 0.2% lower at 1.3830 per U.S. dollar, or 72.31 U.S. cents, extending its pullback from a seven-month high on Monday at 1.3684. "It's a U.S. dollar story - the U.S. dollar is outperforming across the board," said Rahim Madhavji, president at "The U.S. economy is potentially doing better than some had expected." Data on Tuesday showed that U.S. consumer confidence improved in May after deteriorating for five straight months amid a truce in the trade war between Washington and China. "All eyes are looking towards the GDP data on Friday in Canada, which will obviously be a key indicator for the Bank of Canada," Madhavji said. Canadian gross domestic product data, due on Friday, is expected to show that the economy grew at an annualized rate of 1.7% in the first quarter, down from 2.6% in the previous quarter. Investors expect the BoC to leave its benchmark interest rate on hold at 2.75% at a policy decision meeting next Wednesday after recent domestic data showed underlying inflation heating up in April. The central bank paused its easing campaign last month for the first time since it began cutting rates in June. The price of oil, one of Canada's major exports, settled 1.6% higher at $61.84 a barrel as OPEC+ agreed to leave its output policy unchanged and the U.S. barred Chevron CVX.N from exporting Venezuelan crude. The Canadian 10-year yield eased half a basis point to 3.252%, while it was trading 5.1 basis points further below the equivalent U.S. rate at a gap of nearly 123 basis points.
CTV News
3 days ago
- Business
- CTV News
S&P/TSX composite falls, U.S. markets and commodities also down
The TMX Market Centre is shown in Toronto, Wednesday, Sept. 11, 2024. THE CANADIAN PRESS/Paige Taylor White Canada's main stock index and several of its U.S. counterparts slid in late-morning trading as commodities also ticked down. The S&P/TSX composite index was down 21.14 points at 26,247.86. In New York, the Dow Jones industrial average was down 212 points at 42,260.02. The S&P 500 index was down 12 points at 5,909.54, while the Nasdaq composite was down 25.66 points at 19,173.50. The Canadian dollar traded for 72.38 cents US compared with 72.64 cents US on Tuesday. The July crude oil contract was down 80 cents US at US$61.69 per barrel and the July natural gas contract was down two cents US at US$3.60 per mmBTU. The June gold contract was up US$1.50 at US$3,298.90 an ounce and the July copper contract was down about a penny US at US$4.68 a pound. This report by The Canadian Press was first published May 28, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press
