FXC: CurrencyShares Canadian Dollar Trust ETF Instablogs

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Friday, June 7, 8:51 AM The jobs action is in Canada where May payrolls jumped 95K, the best month of job creation in a decade and flying past expectations for 15K. The unemployment rate fell to 7.1% from 7.2%. The loonie (FXC) jumps 0.6% to $0.9798. We'll keep an eye on stocks in Toronto (EWC) as Canadian equities have been underperformers this year thanks to weakness in commodity prices. 2 Comments [Global & FX]
Thursday, June 6, 12:28 PM Unusual given past patterns, the dollar (UUP -1.7%) is being unloaded across the board and in size along with stocks selling off. The euro (FXE +1.5%), cable (FXB +1.8%), the yen (FXY +3.1%), the aussie (FXA +1.1%), and the loonie (FXC +1.3%) are all sharply higher vs. the greenback. The Dow's now off 86 points. 14 Comments [Global & FX, On the Move]
Thursday, June 6, 10:20 AM Canada's Ivey PMI for May flies past expectations, jumping to 63.1 vs. consensus 57 and last month's 52.2. It's the highest level in a year for the gauge (which tends to read hotter than the RBC/Markit measure), led by the prices index climbing to 63.2. The loonie (FXC) remains little-changed vs. the greenback, buying $0.9663. Comment! [Global & FX]
Monday, June 3, 9:52 AM Canada's RBC PMI for May jumps to 53.2 - it's strongest pace in 11 months, and up from 50.1 in April. New Order growth hit an 11-month high, Output moved into expansion territory for the first time in 3 months, Job Creation is at its strongest since August, and Backlogs went into expansion for the first time in 8 months. The loonie (FXC) is flat and buying $0.9647. Stocks: EWC +0.6%, but it's been an underperformed this year, off 1.8% as resource prices and the loonie slide. Comment! [Global & FX]
Wednesday, May 29, 10:23 AM The Bank of Canada keeps policy on hold, maintaining its benchmark rate at 1% in Gov. Mark Carney's final meeting before leaving to head the Bank of England. The statement notes Q1 growth was likely stronger than the bank's April estimate. The loonie (FXC +0.2%) adds a bit to the day's strength, now buying $0.9655. Comment! [Global & FX]
Wednesday, May 22, 10:42 AM Bernanke: Stocks continue with solid gains as the chairman suggests the Fed may never sell the massive assets it's accumulated, instead just letting them roll down. Most interesting are Treasury prices (TLT -1.1%) rolling over - the 10-year yield sunk to 1.89% as Bernanke's soft comments hit the tape, but has reversed to now threaten 2%. Gold (GLD +0.6%) has given up much of its knee-jerk gains, and the dollar (UUP +0.3%) is having none of it, higher across the board, particularly vs. the aussie (FXA -1.1%), yen (FXY -1%), and loonie (FXC -0.6%). 5 Comments
Tuesday, May 21, 3:40 PM The loonie (FXC -0.3%) is overvalued by 5-10% given current levels of commodity prices, says BMO's Doug Porter, speaking at a Bloomberg conference on Canada. "We are literally getting hammered by prices in North America," says Enbridge (ENB) CEO Al Monaco at the same event. 1 Comment [Global & FX]
Friday, May 17, 9:38 AM Did the Fed tighten while we were getting a cup of coffee? The greenback is soaring against all other currencies, with the dollar bull ETF (UUP) gaining 0.6% - an unusually large move for that vehicle. Strength against the yen (FXY -0.3%) and the aussie (FXA -0.9%) are givens of late, but the greenback is up about 1% vs. both the loonie (FXC) and the swissie (FXF), and about 0.6% vs. the euro (FXE) and cable (FXB). Getting hit are Treasurys (TLT -0.5%), the dollar bear ETF (UDN -0.6%) and of course, gold (GLD -0.7%). 5 Comments [Global & FX]
Friday, May 10, 8:46 AM Canada adds 12.5K jobs in April, just shy of expectations for 15K. The unemployment rate remained at 7.2%. The loonie (FXC) weakens a little further, -0.4% vs. the greenback and buying $0.9894. Comment! [Global & FX]
Thursday, May 9, 3:06 PM The dollar (UUP +1%) is soaring across the board (not just against the yen, where it's now spiked through ¥100 to ¥100.56). The greenback is threatening parity vs. the aussie (FXA -1.1%) for the first time since last summer, and the euro (FXE -1.1%), swissie (FXF -1.4%), loonie (FXC -0.5%), and pound (FXB -0.6%) are seeing sizable declines as well. Commodities? Red. Gold (GLD -1.1%), Silver (SLV -1.2%), Oil (USO -0.6%), Copper (JJC -0.8%). 5 Comments [Global & FX, Commodities, On the Move]
Wednesday, May 8, 2:52 PM The recent selloff in commodities (DBC) is not a correction, says Stan Druckenmiller, now on stage at Ira Sohn, but instead the end of the supercycle. Avoid commodity markets - Brazil (EWZ, BRF, BRL), South Africa (EZA, SZR), Canada (EWC, FXC). "Frankly, I'd short the aussie (FXA)." His largest equity holding? "I can't imagine a better position than Google (GOOG)" - selling for 16x earnings and no exposure to China. 4 Comments [Quick Ideas]
Friday, May 3, 3:33 PM Canada's surprise choice of Stephen Poloz to replace Mark Carney as BOC governor "sends a fuzzy signal," says Moody's, suggesting the move means the government wants more control over monetary policy. Given the success of Mark Carney, the Harper government's decision to look past his deputy and front-runner Tiff Macklem means it won't be "business as usual" at the BOC. The loonie (FXC) is unfazed. Comment! [Global & FX]
Saturday, April 27, 8:55 AM Staking the fate of his hedge fund on a large short of Canadian banks (BMO, BNS, RY, CM) and the loonie (FXC), Vijai Mohan's arguments of a property price bubble fueled - in part - by an emerging markets growth bubble aren't unfamiliar ones. A third leg: That the country's banks are the world's best capitalized is a falsity, owing to a required "risk-weight" of just 9.9% on mortgages (the U.S. is 35% minimum, Australia 15-20%, Europe 20%). Should regulators impose a higher rate (it's under discussion), the nation's lenders would be forced to raise capital and/or reduce dividends. 15 Comments [Financials, Global & FX]
Wednesday, April 17, 10:25 AM The Bank of Canada holds its benchmark rate steady at 1%, as expected. Also expected, the bank shaves its 2013 GDP growth outlook to 1.5% vs. a previous estimate of 2%. The cut is slightly more than economists' forecasts. The economy is now expected to reach full capacity in mid-2015 vs. an earlier hope for January 2015. The loonie (FXC -0.7%) remains lower, buying $0.9733. Comment! [Global & FX]
Monday, April 15, 2:42 PM Another popular position unwound today is the yen short trade, with much of the move coming in the past 90 minutes. The dollar (UUP) is off a full 1% vs. the yen (FXY +1.2%), but surging against most all other units. Particularly noteworthy are the "commodity currencies" - the aussie (FXA -1.6%), the loonie (FXC -1%). 1 Comment [Global & FX]
Monday, April 15, 10:02 AM Underperforming today as commodities (DBC -1.7%) take a beating is Canada, the TSX -1.5%. Also seeing little love is the loonie (FXC -0.6%). The move in the MSCI Canada Index ETF (EWC -2.4%) reflects both the loss in shares and the currency. EWC is now off 5% YTD, trailing the S&P 500 by 1500 basis points. Comment! [Global & FX, On the Move]

FXC CurrencyShares Canadian Dollar Trust ETF

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CurrencyShares Canadian Dollar Trust ETF