Latest news with #CanadianDollar
Yahoo
2 days ago
- Business
- Yahoo
Canadian dollar steadies near three-week high as investor sentiment rises
By Fergal Smith TORONTO (Reuters) -The Canadian dollar was barely changed against its U.S. counterpart on Wednesday, with the commodity-linked currency holding near an earlier three-week high as investors weighed prospects of additional trade deals that could improve the global economic outlook. The loonie was trading nearly unchanged at 1.3604 per U.S. dollar, or 73.51 U.S. cents, after earlier touching its strongest intraday level since July 4 at 1.3576. "There has been very little CAD related news so it's moving along with the USD Index and general risk sentiment," said Amo Sahota, director at Klarity FX in San Francisco. "Traders will want to hear on trade deals with other major economies." Wall Street's main indexes moved higher after a Financial Times report that the EU and the United States were closing in on a trade deal, similar to the agreement U.S. President Donald Trump struck with Japan. The U.S. dollar edged lower for a fourth straight day against a basket of major currencies and the price of oil, one of Canada's major exports, settled 0.1% lower at $65.25 a barrel. Canadian retail sales data for May, due on Thursday, could offer clues on the hit from tariffs to the domestic economy. Economists forecast a monthly decline of 1.1%. Still, investors expect the Bank of Canada to keep its benchmark interest rate on hold at 2.75% at a policy decision next Wednesday, after recent data showed underlying inflation remaining well above target. "The potential of a BoC rate cut next week is slim so CAD traders are feeling somewhat passive on domestic drivers at the moment," Sahota said. Canadian bond yields rose across the curve, tracking moves in U.S. Treasuries. The 10-year was up 5.4 basis points at 3.557%.
Yahoo
3 days ago
- Business
- Yahoo
Canadian dollar rises to two-week high, benefiting from US dollar woes
By Fergal Smith TORONTO (Reuters) -The Canadian dollar strengthened to a two-week high against its U.S. counterpart on Tuesday as a downbeat forecast for the U.S. economy by a major investment bank weighed on the greenback. The loonie was trading 0.5% higher at 1.3615 per U.S. dollar, or 73.45 U.S. cents, after touching its strongest intraday level since July 7 at 1.3606. Goldman Sachs expects U.S. economic growth to slow to an annual rate of 1.1% in 2025 as tariff-related price increases hold back consumer spending, CNBC reported. Earlier this month, the investment bank forecast three quarter-point interest rate cuts from the Federal Reserve by the end of 2025. "The USD has been sold aggressively since these headlines crossed," said Erik Bregar, director, FX & precious metals risk management, at Silver Gold Bull. "The CAD has clearly benefited from those flows." The U.S. dollar fell against a basket of major currencies, its third straight day of declines. The price of oil, one of Canada's major exports, was also down as investors worried that the global trade war will curb demand for fuel. U.S. crude oil futures fell 1.5% to $66.18 a barrel. Canada will use all the time that is available to strike a trade deal with the United States, Prime Minister Mark Carney told reporters, saying the talks were complex. On Monday, a Bank of Canada survey showed that Canadian businesses see less chance of a worst-case tariffs scenario but remain cautious and are keeping hiring and investment under check. Canadian government bond yields moved lower across the curve, with the 10-year down 2.6 basis points at 3.493%. Sign in to access your portfolio
Yahoo
15-07-2025
- Business
- Yahoo
Canadian dollar to strengthen; analysts see 'systemic weakness' for USD through 2025
The Canadian dollar is expected to rise against its American counterpart through 2025, say analysts predicting investors will continue to shun the U.S. currency. ATB Capital Markets head of currencies Bill Kellett says the story remains one of U.S. dollar weakness, rather than loonie strength. He expects both currencies will underperform through the remainder of the year, with the American dollar falling harder than Canada's currency. 'USD weakness will likely outpace CAD weakness, setting up for a move lower in USD/CAD,' he wrote in a research report on Monday. 'We anticipate USD/CAD will drift moderately lower over the second half of 2025, edging down to the low 1.3000's.' The Canadian dollar (CADUSD=X) eased slightly against its U.S. counterpart on Tuesday, trading at US$0.7287. U.S. President Donald Trump's chaotic trade agenda continues to stoke fears of rising inflation and softer growth among global investors. Uncertainty linked to Trump's unpredictable bursts of tariffs against major economies has raised questions about the stability of the U.S. dollar and its role as the global reserve currency. 'While dramatic capital rotation out of the U.S. is not a sustainable reality, the USD is showing signs of longer-term systemic weakness,' Kellett wrote. 'We expect the theme of USD weakness will continue through the balance of 2025, and this variable will be the main overarching factor impacting FX markets.' CIBC economists Avery Shenfeld and Katherine Judge agree. 'The Canadian dollar has remained on a strengthening trajectory recently, but that continues to be a reflection of the broad USD falling out of favour with investors, rather than a case of strong Canadian fundamentals,' they wrote in the bank's July foreign exchange report. 'Markets are pricing in a slightly more modest dose of easing from the Bank of Canada than we expect, and look to be too optimistic on Fed cuts,' they added. 'That leans towards pressure on the loonie in the near term, but progress on trade negotiations over the next few months could be an offset, leaving USDCAD relatively stable at 1.37 into the end of Q3.' Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android.
CTV News
09-07-2025
- Business
- CTV News
S&P/TSX composite up, U.S. stocks also rise in late-morning trading
The Bay Street Financial District is shown next to the CN Tower in Toronto on Friday, Aug. 5, 2022. THE CANADIAN PRESS/Nathan Denette TORONTO — Strength in the financial sector helped Canada's main stock index climb higher, while U.S. stock markets also rose in late-morning trading. The S&P/TSX composite index was up 44.54 points at 26,948.11. In New York, the Dow Jones industrial average was up 11.75 points at 44,252.51. The S&P 500 index was up 13.89 points at 6,239.41, while the Nasdaq composite was up 105.81 points at 20,524.27. The Canadian dollar traded for 72.99 cents US compared with 73.12 cents US on Tuesday. The August crude oil contract was up 15 cents US at US$68.48 per barrel. The August gold contract was up US$2.20 at US$3,319.10 an ounce. --- This report by The Canadian Press was first published July 9, 2025.
Yahoo
09-07-2025
- Business
- Yahoo
S&P/TSX composite up, U.S. stocks also rise in late-morning trading
TORONTO — Strength in the financial sector helped Canada's main stock index climb higher, while U.S. stock markets also rose in late-morning trading. The S&P/TSX composite index was up 44.54 points at 26,948.11. In New York, the Dow Jones industrial average was up 11.75 points at 44,252.51. The S&P 500 index was up 13.89 points at 6,239.41, while the Nasdaq composite was up 105.81 points at 20,524.27. The Canadian dollar traded for 72.99 cents US compared with 73.12 cents US on Tuesday. The August crude oil contract was up 15 cents US at US$68.48 per barrel. The August gold contract was up US$2.20 at US$3,319.10 an ounce. This report by The Canadian Press was first published July 9, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
