Tag Archives: Loonie

Weak loonie, U.S. economy not enough to boost Canadian manufacturing

gm_oshawa_closure_20120601.jpg

The manufacturing renaissance that the Bank of Canada had envisioned doesn’t seem to be materializing anytime soon. Even having a weak Canadian dollar along with a hot U.S. economy, Statistics Canada said Monday that factory sales in April fell 2.1 percent to $49.8 billion, falling short of the 0.5 per cent decline economists had been expecting The decline was the ...

Read More »

Loonie overvalued by 10%, dragging on Canadian growth: CIBC

loonie.jpg

CIBC World Markets says the loonie has been overvalued by 10 per cent since the recession, that has saddled Canadians using the equivalent of a 90 basis point higher interest rate from the Bank of Canada. “Oil\’s tumble has brought the Canadian dollar down with it,” said Nick Exarhos and Avery Shenfeld, economists at CIBC World Markets. “But our currency ...

Read More »

Loonie needs to be ‘low for longer’ as Canada faces more competition from Mexico

loonie1.jpg

The loonie could make or break the Canadian economy in the next decade. A new report from?Russell Investments Canada says that the Canadian dollar could be more important to economic growth than the direction of commodity prices, including oil. \”Our view would be that the Canadian dollar must remain low for longer in order to regain competitiveness from the U.S.,\” ...

Read More »

Bank of Canada cuts rate, guts loonie, confirming it’s going to be an ugly year for the Canadian dollar

looniemelt.jpg

The perfect storm for the loonie has arrived, say analysts, using the Bank of Canada rate cut, weak oil prices, a pokey economy along with a looming Federal election all ganging facing Canada’s currency. David Rosenberg just got a whole lot more cautious on the Canadian dollar We could be at the beginning of an extended bear market for the ...

Read More »

Loonie plunges to post-recession low after Bank of Canada cuts rates

fp0716_loonie2009_c_jr.jpg

TORONTO – The Canadian dollar fell to its lowest level in more than six years on Wednesday after the Bank of Canada cut its key rate of interest and lowered its forecast for the economy. The loonie ended the day at 77.40 cents US, down 1.09 cents from the previous day\’s close, a level not seen since March 2009 when ...

Read More »

Loonie falls further following big drop on Wednesday, stock markets close higher

25-e1437090628486.jpg

TORONTO – The loonie continued to slide on Thursday, reaching its minimum since March 2009 after losing more than a cent against the greenback following the Bank of Canada\’s rate cut on Wednesday. The Canadian dollar declined 0.3 of the cent to shut at 77.10 cents U.S. on the day after the central bank cut a quarter-point from the benchmark ...

Read More »

Loonie drops to lowest point in more than a decade as oil and gold buckle under pressure

0722loonie.jpg

TORONTO – The Toronto stock market suffered another session of declines on Wednesday as oil settled below $50 the very first time in several months and also the loonie tumbled to its minimum in more than the usual decade. The S&P/TSX composite index lost 69.12 suggests end at 14,307.12, dragged down by both energy and resource sectors. Meanwhile, the Canadian ...

Read More »