Canadian Archives - Zxcoachoutlet

Canadian Airline WestJet Now Offering Free COVID-19 Insurance For International Travel

October 11, 2020

Canadian airline WestJet is now offering free COVID-19 travel insruance

Xinhua News Agency/Getty Images

WestJet, Canada’s second largest airline, is now offering complimentary COVID-19 insurance for eligible passengers for travel to and from the US, Europe, the UK, Mexico and the Caribbean until August 31, 2021. The carrier joins Air Canada in offering free Covid-19 insurance in an effort to boost sales as more Canadians elect to stay home or travel domestically to avoid Canada’s 14-day quarantine for international travelers.

Originally WestJet’s insurance did not include US coverage but will now cover travel to the United States. On September 25, 2020 WestJet announced that “guests travelling to, through or from the United States are now eligible for the airline’s enhanced $200,000 CAD COVID-19 travel insurance coverage for air-only and vacation reservations. The enhanced coverage will retroactively include all bookings made as of September 18, 2020 and will increase by $100,000

Canadian Pacific Appears Overvalued Into Earnings (NYSE:CP)

October 9, 2020

| No Comments

| business

Canadian Pacific Keith Creel. Source: Globe And Mail

Canadian Pacific (CP) reports earnings Oct. 28. Analysts expect revenue of $1.4 billion and EPS of $3.23. The revenue estimate implies a Y/Y revenue decline in the mid-single-digit percentage range. Investors should focus on the following key items.

Falling Rail Traffic

In 2019 railroads faced headwinds to their top lines. The pandemic has exacerbated the situation and business activity has free fallen. For the first 39 weeks of 2020, cumulative rail traffic for Canadian railroads was down 7.7%. Last quarter, Canadian Pacific’s rail traffic fell 14% Y/Y and its average selling price (“ASP”) rose over 5%. Over half of the company’s major product segments experienced revenue declines.

On a combined basis, Grain, Energy and Intermodal represented more than 65% of total revenue. Grain revenue was up 6% on a 5% rise in carloads and 1% rise in ASP. Lower Grain volumes in

Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting

October 8, 2020

| No Comments

| business

InMed Pharmaceuticals, a clinical stage biotech developing cannabinoid-based products, announced terms for its IPO on Thursday.

The Vancouver, Canada-based company plans to raise $10 million by offering 2.4 million shares at $4.13, above the last close of its shares on the OTCQX (IMLFF) and the Toronto Stock Exchange (IN). The company is also offering warrants to purchase 2.4 million shares of common stock at an assumed exercise price of $4.13. At the proposed price, InMed Pharmaceuticals would command a market value of $32 million. Because the company is offering warrants and its market cap is below $50 million, InMed is no longer eligible for tracking and will be excluded from Renaissance Capital’s stats.

InMed Pharmaceuticals is developing an API using a synthetic cannabinoid named cannabinol, or CBN, and plans to develop its two products INM-755 for rare skin disease Epidermolysis Bullosa (EB) and INM-088 for glaucoma. INM-755 is currently

Pretium Resources: With Lower Expectations, This Canadian Gold Producer May Be Worth A Look (NYSE:PVG)

October 8, 2020

| No Comments

| business

Pretium Resources (NYSE:PVG) is a mid-tier gold producer that operates the high-grade Brucejack mine in British Columbia, Canada. Brucejack is one of the newest and highest grade mines in the sector, but has been plagued by volatile operational performance since going into production in mid-2017. After widely missing guidance in 2019, management released an updated reserve and mine life in the first quarter of this year that showed lower grades and production, sending the stock tumbling further.

Despite these challenges, the company has been surprisingly consistent in generating free cash flow and reported a record second quarter that sent its shares up 25% in one day. With gold prices now hovering around $1,900 per ounce, Brucejack could be one of the most profitable independent assets in a tier-one jurisdiction, making it an attractive takeover target for larger producers looking to grow production.

Looking at a five-year chart, it’s clear that

Canadian dollar notches a 17-day high as oil rallies

October 8, 2020

| No Comments

| business

TORONTO (Reuters) – The Canadian dollar strengthened to a more-than two-week high against the greenback on Thursday as oil prices rose, while Bank of Canada Governor Tiff Macklem left negative interest rates on the table if the coronavirus crisis were to worsen.

The BoC is not actively discussing negative interest rates but they are a tool the bank could use in case it needs to do more to tackle economic challenges caused by the coronavirus outbreak, Governor Tiff Macklem said. “Never say never,” he said.

The price of oil, one of Canada’s major exports, was supported by output shutdowns in the U.S. Gulf of Mexico and the prospect of more supply losses in Norway, as well as by hopes for some U.S. coronavirus relief aid. U.S. crude <CLc1> prices were up 2.8% at $41.06 a barrel.

The Canadian dollar <CAD=> was trading 0.1% higher at 1.3243 to the greenback, or

Bruce Linton-Led Gage Cannabis Plans Canadian Listing in First Quarter | Investing News

October 2, 2020

| No Comments

| business

(Reuters) – Bruce Linton-led Gage Cannabis Co plans to list on the Canadian stock market in the first quarter of 2021, its president told Reuters, as the U.S.-based dispensary operator looks to capitalize on strong demand for weed during lockdowns.

Linton joined Gage as executive chairman in 2019, months after being ousted from the board of Canopy Growth Corp

– a business he founded in 2013, took public the next year and transformed into the most valued cannabis company through a string of deals. (https://reut.rs/30rhknz)

Gage, which currently focuses solely on the Michigan market, is expecting sales of around $13.2 million in the third quarter, up 11% from the previous three months.

“We have seen tremendous growth in the Michigan market in 2020 and Gage has been diligent in capturing that growth through its operating assets,” said Fabian Monaco, president of Gage Cannabis.

Weed companies in the United States have

Canadian dollar seen higher if commodity prices rebound: Reuters poll

October 2, 2020

| No Comments

| business

By Fergal Smith

TORONTO (Reuters) – The Canadian dollar is set to gain more than 2% against its U.S. counterpart in a year as an expected recovery in the global economy from the coronavirus crisis improves the outlook for commodity prices, a Reuters poll showed.

The loonie <CAD=> is expected to strengthen 0.6% to 1.32 per U.S. dollar, or 75.76 U.S. cents, in three months from about 1.3280 on Thursday, the poll of more than 40 currency strategists showed.

It is then expected to climb to 1.30 in one year, matching last month’s forecast.

“We expect oil and other commodity prices to rebound, particularly in the second half of 2021,” said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York. “That should pull CAD higher as well.”

Oil <CLc1>, one of Canada’s major exports, has slumped about 37% since the start of the year

Canadian dollar sell-off stalls as Wall Street rallies

September 28, 2020

| No Comments

| business

By Fergal Smith

TORONTO (Reuters) – The Canadian dollar edged higher against its broadly weaker U.S. counterpart on Monday as oil clawed back some of this month’s decline and stock markets rose globally, with the loonie finding some support after posting three straight weekly declines.

Wall Street surged in a broad rally as investors sought bargains among sectors hardest hit by the coronavirus recession, while the U.S. dollar <.DXY> pulled back from a two-month high against a basket of major currencies.

Investors are putting aside for now evidence of rising coronavirus cases, “thinking there is still the vaccine news to mitigate concerns about a second wave,” said Shaun Osborne, chief currency strategist at Scotiabank.

“But it has got to be a potential threat for risk assets going forward and that keeps the CAD a bit more defensive,” Osborne added.

Canada runs a current account deficit and is a major exporter

Trump-backed Canadian railway to Alaska could free landlocked oil, faces high hurdles

September 28, 2020

| No Comments

| business

By Rod Nickel, Timothy Gardner

WINNIPEG, Manitoba/WASHINGTON (Reuters) – A private-sector proposal endorsed by U.S. President Donald Trump to build a railway from Canada’s oil sands to ports in Alaska would free landlocked crude but faces numerous steep challenges.

Trump wrote on Twitter over the weekend that he would issue a permit for the Alaska-Alberta Railway Development Corporation (A2A Rail) project to move Alberta crude 1,600 miles (2,570 km) to the Alaskan coast, as well as freight in the other direction.

“I will be issuing a Presidential Permit for the A2A Cross-Border rail,” Trump said. He said his decision was based on the recommendation of fellow Republicans Dan Sullivan, a U.S. senator, and Don Young, a U.S. representative. Projects that cross the U.S. border require presidential permits.

The $17 billion project, which backers hope will be in service by the end of the decade, was first proposed in 2015 by

Canadian dollar sees biggest weekly drop in five months as economic risk climbs

September 27, 2020

| No Comments

| business

By Fergal Smith

TORONTO (Reuters) – The Canadian dollar weakened to a seven-week low against its U.S. counterpart on Friday as rising economic and political uncertainties raised demand for safe-haven currencies, with the loonie losing ground for the third straight week.

The loonie <CAD=> was trading 0.2% lower at 1.3385 to the greenback, or 74.71 U.S. cents. The currency touched its weakest intraday level since Aug. 4 at 1.3418.

For the week, the loonie was down 1.4%. That was its biggest weekly decline since April.

“Risk sentiment this month is not doing so well,” said Mazen Issa, a senior FX strategist at TD Securities. “I think it is pretty clear that we’re in a (U.S.) dollar firming tactical phase … CAD has been a byproduct of that.”

The U.S. dollar <.DXY> extended its recent gains against a basket of major currencies as investors sought safety amid a slowing economic recovery,