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  • Fri, Dec. 2, 9:21 AM
    • Canada added 10.7K jobs in November vs. expectations for a loss of 20K. The unemployment rate dipped to a five-month low of 6.8% vs. expectations for unchanged at 7%.
    • Digging deeper finds a loss of 8.7K full-time jobs, but a gain of 19.4K part-time positions.
    • The loonie (NYSEARCA:FXC) is active (also dealing with the U.S. jobs numbers), but currently higher by 0.25% vs. the greenback.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Fri, Dec. 2, 9:21 AM
  • Wed, Nov. 30, 11:28 AM
    • The Canadian economy grew at a 3.5% annualized rate in Q3, bouncing back from a 1.3% contraction in Q2 (first estimated as a 1.6% decline), and beating expectations for 3.4%.
    • Helping to boost Q3 were energy exports, which grew 6.1% after dropping 5.1% the previous quarter amid the wildfires in western Canada.
    • Encouraged by the report, BMO Capital hikes its GDP estimate for this year to 1.4% from 1.2%, but next year's estimate holds at 2%.
    • "The report is not going to influence rate policy that much," says RBC's Mark Chandler. "The [Bank of Canada] has said it would require a substantial shock to knock it off its current stance."
    • The loonie (NYSEARCA:FXC) is modestly lower vs. the greenback today, buying $0.7436.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Wed, Nov. 30, 11:28 AM
  • Tue, Nov. 22, 3:25 AM
    | Tue, Nov. 22, 3:25 AM | 43 Comments
  • Sun, Nov. 20, 6:44 AM
    • Mexico is willing to hold talks with U.S. President-elect Donald Trump about the two countries' signature free trade agreement, according to President Enrique Pena Nieto.
    • "More than talking about renegotiating NAFTA, it's modernizing NAFTA. Let's modernize NAFTA so it becomes a more powerful, modern vehicle."
    • ETFs: EWW, EWC, MXF, MXE, CNDA, UMX, EWCS, DBMX, SMK, FCAN, QCAN, QMEX, HEWW, HEWC
    | Sun, Nov. 20, 6:44 AM | 84 Comments
  • Fri, Nov. 18, 3:58 AM
    • Amid fears a Trump administration will tear up NAFTA, the Canadian Manufacturers and Exporters group is lobbying the government to protect the U.S.-Canada trade relationship, even if that means losing the trilateral partnership with Mexico.
    • As a result, Mexican and Canadian leaders will hold talks this weekend on the potential impacts Trump could have on the free trade agreement.
    • Related: Pacific rim leaders debate future of trade (Nov. 18 2016)
    • ETFs: EWW, EWC, MXF, MXE, CNDA, UMX, EWCS, DBMX, SMK, FCAN, QCAN, QMEX, HEWW, HEWC
    | Fri, Nov. 18, 3:58 AM | 2 Comments
  • Wed, Nov. 16, 4:37 AM
    • Bank of Canada Deputy Governor Timothy Lane will speak about globalization at noon ET and market watchers will look for any hints on the central bank's view of the U.S. election results after it held rates last month citing uncertainties.
    • The U.S. is also Canada's biggest trading partner and the destination for roughly three-quarters of Canadian exports.
    • ETFs: FXC, EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Wed, Nov. 16, 4:37 AM
  • Sun, Oct. 30, 9:24 AM
    • After a bumpy ride, Prime Minister Justin Trudeau has signed Canada's free trade agreement with Europe at a ceremony in Brussels.
    • The Comprehensive Economic and Trade Agreement will remove 98% of tariffs - and officials hope it will generate an increase in trade worth $12B a year.
    • What about the much-debated trade deal between the U.S. and EU? "TTIP is not dead," EU Trade Commissioner Cecilia Malmstrom declared, adding that negotiations will continue after the November election.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Sun, Oct. 30, 9:24 AM | 28 Comments
  • Thu, Oct. 27, 4:24 AM
    • Although Belgium moved closer to a deal on the EU-Canada trade pact on Wednesday, Prime Minister Justin Trudeau still canceled his trip to Brussels as negotiations failed to break the impasse.
    • Backed by all 27 other EU governments, CETA has been seven years in the making, but was rejected by the French-speaking region of Wallonia, meaning Belgium as a whole cannot sign it.
    • Update: Reports coming out of Belgium now state politicians have reached a deal to break the deadlock.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Thu, Oct. 27, 4:24 AM
  • Tue, Oct. 25, 2:37 AM
    • The European Union's free trade deal with Canada is hanging in the balance after Belgium failed to formally back the plan, which was meant to be signed with Canadian Prime Minister Justin Trudeau on Thursday.
    • While the possible postponement of CETA doesn't necessarily spell the end of the accord, it does highlight the acute difficulties the EU is facing in striking ambitious trade pacts.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Tue, Oct. 25, 2:37 AM | 2 Comments
  • Fri, Oct. 21, 8:55 AM
    • Canada's CPI rose 1.3% on a year-over-year basis in September, that's up from 1.1% in August. Core CPI, however, decelerated to 1.5% from 1.7%.
    • August retail sales, meanwhile, fell 0.1% vs. what was expected to be a 0.3% gain. Ex-autos, sales were flat vs. +0.3% expected. In addition, July's originally reported -0.1% decline was revised down to -0.2%; July's ex-autos was revised lower as well.
    • The loonie (NYSEARCA:FXC) has tumbled about 100 pips since the news hit, now down 0.8% vs. the greenback at $0.7501.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Fri, Oct. 21, 8:55 AM
  • Fri, Oct. 7, 8:51 AM
    • The economy added 67K jobs in September, far outpacing expectations for just 7.5K. The unemployment rate was flat at 7% - inline with forecasts.
    • For all of Q3, employment gains totaled 62K jobs vs. little change in Q2, and 33K added in Q1.
    • On a year-over-year basis, employment rose by 139K or 0.8%, but most of the gains were in part-time work. Total number of hours worked rose just 0.2%.
    • The loonie (NYSEARCA:FXC) has erased earlier losses and is now flat vs. the greenback. Also at work is the U.S. jobs report, which came in just shy of expectations, but surely not enough to push any FOMC official of his/her vote to hike at some point prior to year-end.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Fri, Oct. 7, 8:51 AM | 1 Comment
  • Mon, Oct. 3, 6:56 PM
    • Canada will set a minimum price for carbon pollution beginning in 2018, Prime Minister Trudeau told the country's parliament today, marking a landmark turn by the Liberal government away from the energy-friendly policies of the former Conservative government.
    • The government will set a minimum federal price of C$10/metric ton in 2018, rising by C$10 each year to C$50/ton in 2022; Canada’s 10 provinces must meet or exceed the minimum by using either a carbon tax or a cap-and-trade system.
    • The announcement sparked sharp rebukes from premiers of the resource-rich Alberta and Saskatchewan provinces; Alberta's Notley - which already has announced its own carbon tax - said she would not accept the plan unless the federal government approves more oil and gas pipelines, and Saskatchewan's Wall said the move would drain jobs away from the energy sector.
    • The news comes a week after Trudeau prompted anger from environmentalists by approving a natural gas plant and export terminal on the Pacific coast; he still must decide on the fate of major projects planned by Kinder Morgan (NYSE:KMI) and Enbridge (NYSE:ENB).
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Mon, Oct. 3, 6:56 PM | 43 Comments
  • Wed, Sep. 7, 10:52 AM
    • As expected, the Bank of Canada leaves its benchmark rate unchanged at 0.5%. In the accompanying statement, though, the bank mentions a larger-than-expected drop in exports as hitting economic activity.
    • Those words have shaved nearly 100 pips from the loonie (NYSEARCA:FXC), now lower by 0.5% vs. the dollar at $0.7748. Canadian stocks are down 0.15%.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Wed, Sep. 7, 10:52 AM
  • Wed, Aug. 31, 2:34 AM
    • Expectations aren't high for Canada's second-quarter gross domestic product results, which will be released at 8:30 a.m. in Ottawa.
    • The period includes the time when a huge wildfire swept through Fort McMurray, Alberta, leading to the shutdown of several major oil sands operations.
    • Even without the natural disaster, sluggish oil prices have continued to weigh on Canada's economy and a weaker exchange rate failed to revive manufacturing.
    • ETFs: FXC, EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Wed, Aug. 31, 2:34 AM
  • Wed, Jul. 13, 11:32 AM
    • As expected, the Bank of Canada leaves its overnight interest rate at 0.5%. Alongside that, the bank revised its 2016 GDP growth forecast to 1.3% from 1.7% expected in April. 2017 is cut to 2.2% from 2.3%.
    • BoC Governor Stephen Poloz had previously expected the country's economy to return to potential in H2 of 2017, but the bank now sees this as happening closer to the end of next year.
    • Despite the cuts, economists say the bank is presenting a mostly upbeat outlook, and note the bubbly housing market and core CPI consistently above 2%.
    • The loonie (FXC +0.3%) has gained strength since the news hit, now buying $0.7692. Stocks in Toronto are lower by 0.2%.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Wed, Jul. 13, 11:32 AM
  • Mon, Jul. 11, 12:24 PM
    • Macquarie had previously expected Canada's central bank to begin raising rates in Q2 of 2018, but has now pushed that forecast out one year.
    • Noted by Macquarie analyst David Doyle is Canada's dependence on housing, and how that ties the hands of the central bank.
    • The upshot, says Doyle, is a widening of rate spreads between Canada and the U.S., where the Fed is expected to take a more aggressive approach to tightening monetary policy.
    • The Canadian dollar (NYSEARCA:FXC), of course, has spent most of this year strengthening against the greenback, buying $0.7621 today vs. about just $0.67 earlier in 2016.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, HEWC
    | Mon, Jul. 11, 12:24 PM
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