Seeking Alpha
 

IQ Canada Small Cap ETF (CNDA)

- NYSEARCA
  • Tue, May 12, 10:20 AM
    • First there was ZIRP, then there was QE, and now there's the scrapping of decades-old inflation targets. Are we getting the message yet (bond markets over the past month look like they have)?
    • Newish Bank of Canada Governor Stephen Poloz already surprised markets with a rate cut in January, and now - according to a Bloomberg article - is considering raising the bank's 2% inflation target. The argument in favor: Canada's growth potential has been cut by slowing global demand, meaning a high chance interest rates get stuck near zero, thus limiting the central bank's options in the even of another crisis.
    • The argument against in a nutshell: The bank would be institutionalizing stagflation.
    • ETFs: FXC, EWC, CNDA, EWCS, QCAN, FCAN
    | Comment!
  • Fri, May 8, 8:59 AM
    • The 19.7K job loss follows March's 28.7K gain, and stands against expectations for a loss of just 5K. The unemployment rate remained flat at 6.8%.
    • The loonie is volatile, but - for the moment - right about where it stood prior to the U.S. and Canadian jobs reports, up 0.25% on the session to $0.8268.
    • ETFs: EWC, CNDA, EWCS, QCAN, FCAN
    | 1 Comment
  • Fri, Apr. 17, 9:27 AM
    • The CPI rose 1.2% Y/Y in March, up from 1% in February, and against 1% expected by forecasters. Core CPI jumped to 2.4% in March vs. 2.1% previously.
    • Retail sales rose 1.7% in February, after declining the previous two months.
    • The loonie (NYSEARCA:FXC) popped higher to its strongest level since mid-January, but has given back some of those gains. It's currently up 0.35% to $0.8237.
    • ETFs: EWC, CNDA, EWCS, QCAN, FCAN
    | Comment!
  • Wed, Apr. 15, 12:59 PM
    • "The bank's assessment is that the impact of the oil price shock will be more front-loaded than predicted in January, but not larger," says the Bank of Canada as it holds its policy rate steady at 0.75%.
    • For 2015, the BoC cut its GDP growth estimate to 1.9% from 2.1%, but 2016 is boosted to 2.5% from 2.4%.
    • Some economists have been expecting another rate cut later this year, but the vibe from this statement says the bank is somewhat more optimistic than it was just a few weeks ago.
    • The loonie (NYSEARCA:FXC) is up nearly 1% following the news, now buying $0.8085. Stocks in Toronto are higher by 0.75%.
    • ETFs: EWC, CNDA, EWCS, QCAN, FCAN
    | 1 Comment
  • Fri, Apr. 10, 8:58 AM
    • Canada added 29K jobs in March versus expectations for zero jobs gained. The unemployment rate held steady at 6.8%, inline with forecasts.
    • Among the sectors which reported job gains was natural resources - this despite the crash in oil prices and anecdotal reports of cutbacks in the energy patch.
    • The loonie (NYSEARCA:FXC) strengthens about 50 pips to $0.7928, but remains lower on the session by 0.3%.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | 2 Comments
  • Tue, Apr. 7, 3:37 PM
    • WIth its 0.8% gain today, the TSX Composite is in the green for the fourth consecutive day, the longest such streak in two months. The index is ahead by 2.3% during the four-day stretch.
    • The gains come alongside oil's big rally, up another 3.1% today to $53.76 - the highest level of 2015.
    • The iShares MSCI Canada Index (EWC +0.5%).
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Comment!
  • Tue, Mar. 31, 8:38 AM
    | 1 Comment
  • Mon, Mar. 30, 8:59 AM
    • “In theory lower oil prices mean [putting] more money in consumers pockets, but . . . if an oil company cancels [an investment] project, laying off a worker, that guy will not have the money to buy a new pick-up truck. That spreads pretty quickly,” says Bank of Canada Governor Stephen Poloz in an FT interview. “The first quarter of 2015 will look atrocious, because the oil shock is a big deal for us."
    • Poloz has already unexpectedly cut interest rates thanks to oil's crash, and he says the bank has many options left, including so-called forward guidance (a pledge to hold rates low for a long time), as well as asset purchases.
    • The good news, says Poloz, is the sharp decline in the loonie, and he notes U.S. investment is "starting to fire on all cylinders," and manufacturing is rebounding. "We were losing a lot of the auto parts manufacturing to Mexico. That calculus has shifted."
    • ETFs: EWC, FXC, CNDA, EWCS, FCAN, QCAN
    | Comment!
  • Thu, Mar. 26, 3:33 PM
    • The fallout in the energy sector thanks to oil's steep decline is no secret, but beyond reduced headcounts and spending in the oil patch, says Nomura, are hits to related industries like construction and engineering.
    • While banks have low direct exposure to the oil sector, there's indirect exposure through things like mortgage-lending in Alberta.
    • Then there's the impact of the oil shock on the investment portfolios of Canadian households, says Nomura, estimating 25% of household wealth is linked to domestic stocks, and 25% of that is energy-related. Canada's stocks have already been underperformers this year and should things worsen further, it could squeeze consumer spending.
    • ETFs: EWC, FXC, CNDA, EWCS, FCAN, QCAN
    | 1 Comment
  • Tue, Mar. 17, 7:56 AM
    • It wasn't long ago when Canadian finance minister Jim Flaherty warned of overheating the housing market when lenders dropped benchmark mortgage rates below 3%. What his successor Joe Oliver might say or do is unknown, but Bank of Montreal (NYSE:BMO) today cuts its 5-year, fixed-rate mortgage by 20 basis points to 2.79% - it would be the lowest posted rate of the country's Big Five banks.
    • BMO's move comes as it and others in the industry battle slower consumer loan growth, not to mention drags in other operations thanks to the crash in oil prices, and the bank last month missed FQ1 estimates.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | 1 Comment
  • Wed, Mar. 4, 10:05 AM
    • Following a surprise rate cut at its last meeting, the Bank of Canada today maintains its overnight rate target at 0.75%, and suggests it's satisfied for now that the one rate cut was enough.
    • "Financial conditions in Canada have eased materially since January, in response to the Bank’s recent monetary policy action and to global financial developments ... These conditions will mitigate the negative effects of the oil price shock, further boosting growth through stronger non-energy exports and investment."
    • The loonie (NYSEARCA:FXC) has strengthened somewhat, now higher by 0.1% at $0.8012.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Comment!
  • Tue, Mar. 3, 8:44 AM
    • There's fast action in the loonie (NYSEARCA:FXC) after Canada reports Q4 GDP growth of 2.4% vs. consensus estimates of 2%.
    • Everyone from the Bank of Canada on down is worried about an economic slowdown up north thanks to the crash in oil prices. The Canadian dollar has dropped from near par to just $0.80 over the past several months. WIth so many traders leaning to one side, the better-than-expected print has led to a wave of covering, and the loonie quickly adds 80 pips, now up 0.65% on the session.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Comment!
  • Tue, Feb. 24, 3:05 PM
    • "What we are trying to do is to manage the risks we face, not eliminate them," says Bank of Canada Governor Stephen Poloz in the bank's last public comments before its March 4 policy meeting.
    • He calls January's surprise cut an insurance policy against too-low inflation and the financial instability posed by high household debt. 'The sudden drop in global oil prices has increased both risks," he adds.
    • What Poloz didn't do at this speech was signal another rate cut is in the cards, and markets - pricing in a 75% chance of another cut - are scrambling.
    • The loonie (NYSEARCA:FXC) pops more than 100 pips higher, now up 0.5% on the session at $0.7997. The TSX Composite gives up its gains on the session, now lower by 0.25%.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    • Full speech
    | Comment!
  • Fri, Feb. 6, 8:58 AM
    | 1 Comment
  • Fri, Jan. 30, 8:42 AM
    • As backward-looking a report as you'll get, but nevertheless moving markets, Canadian GDP declined 0.2% in November vs. expectations for a flat read, and October's 0.3% gain.
    • The loonie (NYSEARCA:FXC) is taking the news hard, down nearly 1% vs. the greenback to $0.7846.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | 1 Comment
  • Thu, Jan. 29, 11:39 AM
    • The Canadian dollar (NYSEARCA:FXC) is seen sliding to $0.77 from its current $0.79, says CIBC, expecting another rate cut from the Bank of Canada. Markets have already priced this in, says Chief Economist Avery Shenfeld, but it's the chance of a third one which will keep them guessing.
    • Adding to pressure on the loonie, he says, will be an earlier-than-expected Fed rate hike in June. "Evidence from prior tightening episodes suggests that policymakers don't wait for wages to flash red before pulling the trigger on hikes."
    • "This is more than a rate-spread story," he adds, noting other commodities have also softened, and Canada's current account balance is going to take a far sharper dive into negative territory than previously expected.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Comment!
Visit Seeking Alpha's
CNDA vs. ETF Alternatives
CNDA Description
The IQ Canada Small Cap ETF seeks to track, before fees and expenses, the performance of the IQ Canada Small Cap Index. The market cap-weighted Index seeks to provide investors with a means of tracking the overall performance of small cap Canadian companies.
See more details on sponsor's website
Country: Canada
ETF Hub
Find the right ETFs for your portfolio: Visit Seeking Alpha's ETF Hub