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Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, Sept. 13 (CNS Canada) – The Royal Bank of Canada says it expects the Bank of Canada to raise its key lending rate again in October, following an increase to 1% from 0.75% earlier this month. However, it said the Canadian dollar is not expected to follow it higher. RBC said in a global currency report that the U.S. dollar has been weak relative to other global currencies and it shouldn’t be counted out as the U.S. economy shows signs of strength. RBC expects the Canadian dollar to fall below 81 cents U.S. before the year closes and to below 79 cents in the first quarter of 2018.

The Canadian dollar was trading at US$0.8233 at 8:38 a.m. CDT or C$1.2146 per US$1. Yesterday, it closed US$0.8224 or C$1.2159 per US$1.

The median income of Canadian households rose to C$70,336 in 2015 from C$63,457 in 2005, Statistics Canada reports today. The agency released its 2016 Census on the incomes of Canadians, which was carried out in 2015 and covers 2005 to 2015. A resource sector boom was a key economic driver of the decade, StatsCan said, drawing investment and labour to Alberta, Saskatchewan and Newfoundland and Labrador. Canadians experienced a median income increase of 10.8 per cent over the decade, led by growth in resource-rich provinces.

Iphone unveiled its iphone X yesterday, minus the ubiquitous home button, but with face recognition ID and a US$999 price tag.

Greece has agreed to grant Canadian mining company Eldorado Gold long-awaited permits for its Olympias project. Workers have been protesting outside the energy ministry in Athens fearing lost jobs should the permits not be granted. The Greek government and Eldorado are locked in a dispute over other Eldorado projects.

The S&P/TSX was down 2.34 points (0.02%)to 15,141,07 at 8:38 a.m. CDT.

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