By Commodity News Service Canada
Aug. 3 (CNS Canada) – The Canadian dollar was trading at US$0.7937 early this morning, (C$1.2599 per US$1). It closed Wednesday at US$0.7962 yesterday (C$1.2560 per US$1).
A poll conducted by Reuters news agency reported today that traders expect the Canadian dollar to cool over the next year. That’s based on speculations of less aggressive interest rate hikes by the Bank of Canada compared to the U.S. Federal Reserve. The loonie would trade at about C$1.260 in a month (US$0.7936), at C$1.277 (US$0.7831) in three months and C$1.290 (US$0.7752) in one year, according to financial traders polled.
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Pipeline company Enbridge Inc., has reported earnings attributable to shareholders of C$919 million for the second quarter ended June 30, or 56 cents Canadian per share. That compares to C$301 million, or 33 cents Canadian per share in the same quarter last year. The increased profit was aided by Enbridge’s purchase of Spectra Energy Corp., a natural gas pipeline company. The earnings per share, minus one-time items, were 41 cents Canadian per share. Analysts had predicted 48 cents Canadian per share.
Oil was trading higher this morning after positive U.S. supply data. The Energy Information Administration reported a 1.5 million barrel decline in U.S. crude oil inventories, below expectations, but it also reported a decline of 2.5 million barrels in gasoline supply with demand soaring to higher than 9.8 million barrels a day.
WTI crude was at US$49.72 per barrel this morning, a gain of 13 U.S. cents for an increase of 0.26%.
Housing prices in the Toronto area continued to fall in July, casting more speculations as to whether the current trend is the beginnings of a longer steady slide. However, new listings also fell, a sign that more owners are holding homes, waiting for a better time to sell. The Toronto Real Estate Board reported the average home price in the region for July was C$746,218, a 19 per cent decline from the peak in April.
The S&P/TSX was up 16.16 points to 15,281.79 at 9 a.m. CDT. The Dow Jones was down 16.02 points, at 22,000.22 (0.07%), the S&P 500 was down 5.16 points at 2,472.41 (0.21%) and the Nasdaq was down 11.28 points at 6,351.36 (0.18%).
