Loonie, oil prices continue to recover from 13-year lows

TORONTO - The Canadian dollar was continuing its upward momentum for a second consecutive day as oil prices gained strength Friday.

See Full Article

The loonie was at 70.60 cents US with about two hours to go before the Toronto Stock Exchange opens.

That's up more than half a cent from Thursday's close at 70.03 cents US, which was up about one full cent from Wednesday.

Oil prices were also rising Friday, with a benchmark crude trading at about $31 per barrel, after dipping below US$28 per barrel on Wednesday for the first time since 2003. March crude futures closed Thursday at US$29.53 a barrel.

Canada's dollar has sunk to lows that haven't been seen since April 2003 as a result of the low world oil prices as well as factors such as weak global economic growth and the gap between Canadian and American interest rates.

The country's largest stock exchange has also plunged since the Christmas break, mainly because of depressed prices for shares of commodity producers in the energy and mining sectors.



Advertisements

Latest Economic News

  • Billy Bee and Doyon honey sold in Canada to be made in Canada, too

    Economic CBC News
    The company that owns the Billy Bee and Doyon honey brands says it will start using only Canadian honey for both products in Canada this year. McCormick & Co. says Billy Bee and Doyon products containing all-Canadian honey will start appearing on store shelves in June, while the Billy Bee organic variety will arrive before the end of the year. Source
  • Trump plans to slash U.S. corporate tax rate to 15%

    Economic CBC News
    President Donald Trump plans to stick with his campaign pledge to slash the corporate tax rate from 35 per cent to 15 per cent, but the dramatic cut raises a problematic question for the White House: How can the president deliver the "massive" tax cut he promised without also blowing a massive hole in the budget? Source
  • Reducing debt among Barrick Gold's priorities: president

    Economic CTV News
    TORONTO -- Barrick Gold says it will focus on maximizing its free cash flow, reducing debt and maintaining investment discipline in the year ahead. Company president Kelvin Dushnisky told Barrick's annual meeting Tuesday that the gold mining giant will also work on transforming its business to better use technology. Source
  • Billy Bee and Doyon honey brands shifts to all-Canadian honey in Canada

    Economic CTV News
    TORONTO -- The company that owns the Billy Bee and Doyon honey brands says it will start using only Canadian honey for both products in Canada this year. McCormick & Co. says Billy Bee and Doyon products containing all-Canadian honey will start appearing on store shelves in June, while the Billy Bee organic variety will arrive before the end of the year. Source
  • Wells Fargo board re-elected as management faces protests

    Economic CBC News
    Wells Fargo & Co.'s annual meeting turned raucous when it was repeatedly interrupted by angry shareholders on Tuesday as the bank's chairman and chief executive tried to calm nerves ahead of a vote that could oust the majority of its board. Source
  • Wells Fargo shareholders disrupt meeting as fate of board members awaited

    Economic CBC News
    Wells Fargo & Co.'s annual meeting turned raucous when it was repeatedly interrupted by angry shareholders on Tuesday as the bank's chairman and chief executive tried to calm nerves ahead of a vote that could oust the majority of its board. Source
  • New Ontario rent control rules may prompt some condo owners to sell: report

    Economic CBC News
    New rent control measures unveiled last week by the Ontario government could wind up pushing some small investors out of the condominium market, according to a new report. Urbanation, a research and consulting firm specializing in the Toronto condominium market, said the imposition of rent control by the government on recently built units is the "single biggest and potentially most harmful change" introduced in the government's plan. Source
  • Loonie takes a hit but shares of most lumber companies rise after duties

    Economic CTV News
    Canada-U.S. relationship bigger, more important than any one 'irritant,' says PM U.S. President Trump takes first swing in lumber war Source
  • Trump's tax plan could face a budget deficit challenge

    Economic CTV News
    WASHINGTON -- President Donald Trump plans to stick with his campaign pledge to slash the corporate tax rate from 35 per cent to 15 per cent, but the dramatic cut raises a problematic question for the White House: How can the president deliver the "massive" tax cut he promised without also blowing a massive hole in the budget? Source
  • Eurozone deficit down to lowest level since early 2008

    Economic CTV News
    LONDON -- Following years of strict budget restraint, particularly in Greece, the level of government borrowing across the 19-country eurozone has fallen to its lowest level since before the most acute phase of the global financial crisis, official figures showed Tuesday. Source