Loonie's decline "remarkable opportunity"

The loonie (FXC -0.7%) slips to new multi-year lows with dovish comments from junior finance minister Kevin Sorenson as good of an excuse as any to sell a few more.

"The manufacturing sector (is) quite pleased that we have a [Canadian] dollar that the value is down from what it was a number of months ago ... there is remarkable opportunity. We’re an exporting country and as you know by far the majority of everything we manufacture here and everything we grow here we export and so there’s opportunity.”

The loonie was briefly boosted yesterday after the Bank of Canada's business outlook saw positive signs for the economy, but those gains and more have been erased in today's session.

Last Friday: Ugly December jobs report for Canada


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Comments (4)
  • User 509088
    , contributor
    Comments (1703) | Send Message
    industrial manufacturing continues to slide in Canada. it's hard to know which manufacturers the minister is referring to.


    unless they're talking about tar sands, which isn't exactly manufacturing. or maybe small telecoms, which isn't manufacturing. or maybe American retailers, which also isn't manufacturing.


    sometimes these conservative ministers say things from their policy duotangs full of statements which don't make much sense, kind of like john cleese, back in the day, using a phrasebook to state, "my hovercraft is full of eels."
    14 Jan 2014, 10:48 AM Reply Like
  • PeakOiler
    , contributor
    Comments (299) | Send Message
    Exports of manufacturing goods requires strong demand, something that's been missing in economies around the world. Weighing against the loonie is the large nat gas surplus in the US - Canada used to be an exporter of gas, but not anymore. Ditto for crude, the US has markedly increased production thanks to the Bakken field. I expect a 0.85 loonie before the year is out, won't look good for the current govt going into an election year.
    14 Jan 2014, 10:53 AM Reply Like
  • User 509088
    , contributor
    Comments (1703) | Send Message
    I'm looking for .85 as well. and we both know why. so we can get our us divvies and such at par.


    the bank of Canada urged Canadian employers to hire with the money they were given, and no such luck. they indicated they'd rather keep their donated profits and sit on them.


    the c-suite survey asked them every year- where were the opportunities? -offshore, they said.
    has your company taken steps to address these opportunities? -nope, they said.


    it was all a diddle.


    the u.s. is just starting to remember that a vibrant economy depends upon consumers, and that consumers are workers with well paying jobs.


    Canada is still at the point where they think such is not so.
    14 Jan 2014, 11:18 AM Reply Like
  • lorneb
    , contributor
    Comments (328) | Send Message
    speaking in riddles is not a sign of intelligence.
    17 Jan 2014, 12:07 PM Reply Like
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