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Tag: Canada

CANADA FX DEBT-Canadian dollar, “super-charged” by jobs data, posts 1-month high

October 9, 2020
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(Adds strategist quotes and details throughout; updates prices)

* Canadian dollar rises 0.5% against the greenback

* Canada adds 378,200 jobs in September

* Loonie touches a 1-month high at 1.3111

* Canadian bond yields were mixed across a steeper curve

By Fergal Smith

TORONTO, Oct 9 (Reuters) – The Canadian dollar strengthened
against its U.S. counterpart on Friday to notch its biggest
weekly advance in four months, driven by domestic data showing a
faster pace of job gains and rising hopes of U.S. stimulus that
boosted Wall Street.

Canada added 378,200 jobs in September after an increase of
246,000 in the previous month, handily beating analyst
expectations, as children returned to school and the economy
continued to reopen from coronavirus shutdowns, Statistics
Canada said.

“Accelerating job creation in Canada in September has
super-charged the Canadian dollar” said Michael Goshko,
corporate risk manager at Western Union Business Solutions.

Adding to

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Canada added 378,000 mostly full-time jobs in September as COVID-19 case spike

October 9, 2020
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(Getty Images)
(Getty Images)

Canada’s COVID-19 ravaged economy created 378,000 jobs in September, even as COVID-19 cases surged.

The bulk of them, 334,000, were full-time positions, according to Statistics Canada.

“The surprising advance was also heavily tilted toward the hard-hit services sector (+303K), particularly accommodation and food services, education, and information, culture and recreation, each of which had seen a significant impact from COVID-19,” said CIBC Economist Royce Mendes.

The strong month brings the unemployment rate down to 9 per cent from 10.2 per cent. It also brings the job market to within 720,000 jobs of its February pre-pandemic level.

The number of Canadians who were employed but worked less than half their usual hours due to the pandemic fell by 108,000. Of those who are still working their usual number of hours, work from home fell to 25.6 per cent from 26.4 per cent

Employment among core-aged women (25 to 54

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Canada M&A emerges from pandemic lows in third quarter; activity seen picking up

October 9, 2020
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By Madhvi Pokhriyal and Noor Zainab Hussain

(Reuters) – Canadian mergers and acquisitions are set to increase following a modest third-quarter recovery from multi-year lows, as market stability and access to capital give companies the confidence to negotiate and price transactions.

Equity offerings also picked up in the three months through September, as stock market recovery following a tumultuous few months early in the coronavirus pandemic encouraged issuers to tap markets to recapitalize.

Some $40.9 billion worth of M&A deals were announced in the third quarter, the highest since the onset of the coronavirus crisis in late 2019 and a 200% jump from the three months ended in June, Refinitiv data showed. But it was lower than the $50.7 billion worth of transactions from a year ago, the data showed.

“There are clearly indications that we’re in the early stages of recovery, a lot more strategic dialogue going on and

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CANADA FX DEBT-Canadian dollar rallies on higher oil prices, U.S. stimulus hopes

October 8, 2020
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(Adds strategist quotes and details throughout, updates prices)

* Canadian dollar rises 0.4% against the greenback

* Loonie touches its strongest since Sept. 21 at 1.3198

* Canadian housing starts fall 20% in September

* Canadian bond yields ease across much of the curve

By Fergal Smith

TORONTO, Oct 8 (Reuters) – The Canadian dollar rose to a
more-than two-week high against the greenback on Thursday as
higher oil prices and the potential for U.S. stimulus offset
comments from Bank of Canada Governor Tiff Macklem, leaving
negative interest rates on the table.

U.S. stocks climbed as President Donald Trump fueled hopes
of fresh fiscal aid, while the price of oil, one of Canada’s
major exports settled 3.1% higher at $41.19 a barrel on support
from output shutdowns ahead of a storm in the U.S. Gulf of
Mexico.

“The market is coming to terms with an era of easy money
from

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CANADA FX DEBT-C$ pulls back from 2-week high as U.S. stimulus prospects fade

October 6, 2020
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(Adds strategist comments and details throughout; updates
prices)

* Canadian dollar falls 0.2% against greenback

* Loonie touches its strongest intraday since Sept. 21 at
1.3242

* Canada’s exports, imports both fall in August

* Canadian bond yields ease across a flatter curve

By Fergal Smith

TORONTO, Oct 6 (Reuters) – The Canadian dollar weakened
against the greenback on Tuesday as investor hopes for U.S.
stimulus receded and data showed a slowdown in Canada’s
merchandise trade, with the loonie pulling back from an earlier
two-week high despite climbing oil prices.

U.S. stocks fell sharply after President Donald Trump said
he was calling off negotiations with Democratic lawmakers on
coronavirus relief legislation until after the November
election.

Canada sends about 75% of its exports to the United States,
including oil. U.S. crude oil futures settled 3.7% higher
at $40.67 a barrel, supported by U.S. supply disruptions caused
by an approaching hurricane

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CANADA FX DEBT-Canadian dollar notches a 2-week high as oil rebounds nearly 6%

October 5, 2020
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(Adds strategist quotes and details throughout; updates prices)

* Canadian dollar rises 0.3% against the greenback

* Loonie posts its strongest since Sept. 21 at 1.3257

* Price of U.S. oil settled 5.9% higher

* Canadian bond yields climb across a steeper curve

By Fergal Smith

TORONTO, Oct 5 (Reuters) – The Canadian dollar strengthened
to a two-week high against its U.S. counterpart on Monday as the
price of oil, one of Canada’s major exports, rebounded and the
greenback broadly declined, with investors eying domestic jobs
data later in the week.

The loonie was trading 0.3% higher at 1.3262 to the
greenback, or 75.40 U.S. cents. The currency touched its
strongest intraday level since Sept. 21 at 1.3257.

The currency “has likely got a boost from U.S. dollar
weakness and a rebound in the oil price,” said Colin Cieszynski,
chief market strategist at SIA Wealth Management.

The safe-haven U.S. dollar

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CANADA FX DEBT-Canadian dollar rises to 2-week high as stock markets rally

October 5, 2020
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| business

* Canadian dollar rises 0.3% against the greenback

* Loonie notches its strongest since Sept. 21 at 1.3263

* Price of U.S. oil increases 4.7%

* Canadian bond yields climb across a steeper curve

TORONTO, Oct 5 (Reuters) – The Canadian dollar strengthened
to a two-week high against its U.S. counterpart on Monday,
tracking improvement in risk appetite ahead of domestic data
later in the week that could help guide expectations about the
strength of economic recovery.

Global shares and the price of oil, one of Canada’s
major exports, rose as suggestions U.S. President Donald Trump’s
health was improving brought relief to markets and after U.S.
House Speaker Nancy Pelosi said progress was being made on
additional fiscal stimulus.

U.S. crude oil futures climbed 4.7% to $38.78 a
barrel, while the Canadian dollar was trading 0.3% higher
at 1.3268 to the greenback, or 75.37 U.S. cents. The currency
touched its

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CANADA STOCKS-TSX futures up as oil gains on signs of Trump’s improving health

October 5, 2020
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Oct 5 (Reuters) – Futures for Canada’s main stock index rose on Monday, helped by a rebound in crude prices after doctors suggested U.S. President Donald Trump could be discharged from the hospital, a few days after he was diagnosed with COVID-19.

Brent crude LCOc1 futures climbed 3.72%, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 4.18%.

December futures on the S&P/TSX index SXFc1 were up 0.44% at 7:00 a.m. ET.

Data for Canada’s total reserve assets is due at 8:30 a.m. ET

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended 0.09% higher at 16,199.25 on Friday.

Dow Jones Industrial Average e-mini futures 1YMc1 were up 0.67% at 7:00 a.m. ET, while S&P 500 e-mini futures ESc1 rose 0.68% and Nasdaq 100 e-mini futures NQc1 were 1.03% higher.

TOP STORIES TOP/CAN

Negotiations between Canada’s Lundin Mining LUN.TO and the union at its Candelaria copper mine in Chile

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Westland Insurance Acquires 2 Brokerage Firms in Alberta, Canada

October 5, 2020
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| insurance

Westland Insurance Group Ltd. announced it has acquired two brokers, based in Alberta, Canada, effective October 1, 2020.

Ironside Insurance Brokers is a family-owned brokerage located in Carstairs, Alberta. Its professional insurance advisors are experts in residential, auto, life, travel, recreation, farm and commercial insurance services.

G&E Insurance has been providing insurance products to Picture Butte, Alberta, and its surrounding area for over 35 years. Their professional advisors provide residential, auto, travel, recreation, farm and commercial insurance services.

Westland’s new retail offices support the company’s expansion strategy to serve more communities in Alberta and across Canada.

With these acquisitions, Westland will be adding two branches and 19 employees in Alberta. Post-acquisition, Westland will have over 1500 employees and 131 offices in British Columbia, Alberta, Saskatchewan and Manitoba.

About Westland Insurance Group

Westland Insurance Group is a property & casualty insurance brokerage established in 1980 in Ladner, British Columbia. The company

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Canada Job Gains Seen Slowing in September as Second Wave Hits

October 3, 2020
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(Bloomberg) — Canada’s labor market probably recorded a fifth-straight month of strong job gains in September with schools and childcare centers reopening, but a second wave of Covid-19 cases is dashing any hopes for a quick recovery.

The country’s economy likely added about 153,000 jobs in September, according to the median of 10 estimates in a Bloomberg survey of economists. That would bring bring the number of jobs recovered since the height of the pandemic to just over 2 million, or about two-thirds of the 3 million lost jobs in March and April.

But the gains are fading. New employment last month is expected to be down from the 245,800 jobs added in August, and the 418,500 new positions in July.



chart: Slowing Gains


© Bloomberg
Slowing Gains

While demand in some industries like technology may drive near-term hiring, there is continued weakness in travel and food services industries. And with new cases

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