Tag: Loonie

Posthaste: The Canadian dollar is getting hammered — and its future looks even bleaker | Financial Post

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So what’s up with the Canadian dollar? While many thought the currency would strengthen in 2023, the loonie has slid to depths not seen since the height of the pandemic. (This morning it was trading near a 6-month low of 72.43 US cents) A big part of this mystery is that the drivers of the currency have changed. When a hawkish Bank of Canada was raising interest rates it supported the loonie, but now that the slowing economy has reduced the risk of more hikes, new drivers are taking over.…

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Federal Documents Hint At Sweeping Economic Impact From Central Bank ‘Digital Loonie’ | CTV News

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OTTAWA – Internal government documents show Finance Department officials believe there could be sweeping implications for the economy if the Bank of Canada ever issued its own cryptocurrency.The Bank of Canada has spent years looking at whether to introduce a digital currency, but so far hasn’t seen an immediate need to issue one. In one briefing note from last January, officials warned Finance Minister Chrystia Freeland that the issuance of a central bank digital currency would entail “wide-reaching implications for the economy, the financial system” and the Bank of Canada’s…

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Inflation Is Coming: Signs That Everything Is About To Get Much More Expensive | National Post

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We have bad news for you, reader: Real estate is crazy expensive, your money isn’t going to do anything for you in a bank account, and now that $20 in your pocket may start hemorrhaging value just by virtue of existing. Below, a rundown of all the reasons that your loonies could soon be losing up to 5 cents of value every year. If you haven’t noticed, the price of virtually everything is skyrocketing. Read full story here: Inflation Is Coming: Signs That Everything Is About To Get Much More…

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Some Paper Bills Will No Longer Be Legal Tender In Canada | CTV News

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The Bank of Canada says it is removing the legal tender status from a series of older bills. For the first time, the Bank of Canada will be removing the legal tender status of five older bank notes. The bills haven’t been produced in decades and removing their legal tender status is the “final step to remove them as transaction notes” says Bank of Canada spokesperson Amelie Ferron-Craig. Read full story here: Some Paper Bills Will No Longer Be Legal Tender In Canada | CTV News

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Canadian Dollar Hits 4-week Low As Investors See End To Bank Of Canada’s Hiking Bias | The Globe and Mail

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The Canadian dollar weakened to a nearly four-week low against its U.S. counterpart on Tuesday as the greenback climbed broadly and investors bet that the Bank of Canada would forgo language pointing to further interest rate hikes. Canada’s central bank is expected to hold its benchmark interest rate steady at 1.75 per cent on Wednesday and for the rest of this year, with calls for the next hike in early 2020 resting on a knife’s edge, a Reuters poll showed. Read full story here: Canadian Dollar Hits 4-week Low As…

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Loonie, One Of The Big Losers Of 2018, Remains ‘Expensive,’ Experts Say | CBC News

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It was a rough ride for the loonie in 2018. The Canadian dollar fell nearly eight per cent against its U.S. counterpart last year — with much of its slide worsening in the fourth quarter — plunging almost six per cent since October. In fact, the loonie was the second worst performing major currency in the world against the U.S. dollar in the last quarter, just behind another commodity currency, the Norwegian Krone, according to CIBC. Read full story here: Loonie, One Of The Big Losers Of 2018, Remains ‘Expensive,’ Experts Say | CBC News

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Loonie Soars In The Wake Of The New Trade Deal With The U.S. And Mexico | CTV News

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The loonie traded higher at 78.13 cents US compared with an average of 77.25 cents US on Friday. While most economists have been expecting the Bank of Canada to raise its key interest rate target later this month, the trade negotiations have been a key uncertainty. The central bank had made a point of saying it was closely watching the NAFTA talks and other trade policy developments, which could hurt the economy. Read full story here: Loonie Soars In The Wake Of The New Trade Deal With The U.S. And Mexico…

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Loonie Could Jump Up To 82 Cents US If Trade Talks Are Successful, Says Economist | CBC News

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Even with a resilient, if not strong, Canadian economy, the loonie has failed to gain momentum this year — losing more than four per cent against the U.S. dollar — as trade uncertainty ate away at its “fundamental” value. But that could all change if a trade deal is struck between Canada and the U.S. soon, according to James Orlando, senior economist at TD Economics. He’s calling for the Canadian dollar to jump to as much as 82 cents US in the near term if trade talks between the two countries are successful. That’s a…

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Trade War Fallout: Why Oil And The Loonie Are Finally Headed Apart | CBC News

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It’s a relationship that Canadians had gotten used to. For years, when the price of oil went up, so did the value of the Canadian dollar. That led to a soaring loonie when oil prices were flying high, but double-takes while travelling in the U.S. once the wind came out of oil’s sails and the Canadian dollar was lower. But a funny thing has happened of late, as the symbiotic relationship between the two has weakened. Or, as Bank of Montreal economist Doug Porter put it, “The Canadian dollar continues to diverge…

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Is The Loonie The ‘Most Hated Currency’ In Markets Right Now? | CBC News

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The Canadian dollar has seen its share of volatility this year as trade tensions between the U.S. and Canada reached a fever pitch over the weekend. The currency is down more than five per cent against the U.S. dollar since hitting its highest point this year at the end of January. Even as it moved higher on Wednesday after the U.S. Federal Reserve’s decision to raise interest rates, Mark McCormick, head of North American foreign exchange strategy at TD Securities, said the loonie “is probably the market’s most hated currency now,” based on his discussions with investors.…

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