Loonie, TSX gain strength Wednesday as oil price rises

TORONTO -- The Canadian dollar and Toronto Stock Exchange gained strength as Wednesday's trading session progressed.

The S&P/TSX composite index had been down shortly after the open but was up 131.11 points at 12,462.43, after three hours of trading.

See Full Article

The Dow Jones Industrials average also reversed course and was up 31.16 points at 16,198.39. The broader S&P 500 index was up 8.22 points at 1,911.850 but the Nasdaq 100 remained in the red, down 20.30 points at 4,213.55.

The loonie also started the day below Tuesday's close but was up 0.12 at 71.17 cents US about an hour before the U.S. Federal Reserve's release of its latest interest rate decision and outlook at 2 p.m. ET.

Canada's dollar has been trading near or just above 13-year lows for weeks as a result of a number of factors, including the increased spread in American and Canadian interest rates, the falling value of major commodities and slow economic growth.

On the commodity markets, the March crude contract was up $1.09 at US$32.54 per barrel, up from an intraday low just above US$30 a barrel. The February gold contract fell $3.20 to US$1,117.00 an ounce.



Advertisements

Latest Economic News

  • Alberta chooses three companies to build four wind power projects in auction

    Economic CTV News
    CALGARY -- The Alberta government says it received such attractive bids in an auction to pick renewable energy projects that it exceeded its goal of 400 megawatts and will instead support 600 megawatts of new generation. Source
  • As Canadians turn to electric cars, charging stations will boom: AddEnergie CEO

    Economic CTV News
    MONTREAL -- Canadians will purchase a record number of electric vehicles this year as the growing sales of cars with longer ranges is prompting a push to increase the number of fast chargers, the head of the country's largest charging network says. Source
  • Fed rate increase is 3rd this year; foresees 3 more in 2018

    Economic CTV News
    WASHINGTON -- The Federal Reserve is raising its key interest rate for the third time this year and foresees three additional hikes in 2018, a vote of confidence that the U.S. economy remains on solid footing 8 1/2 years after the end of the Great Recession. Source
  • Federal Reserve rate increase is third this year; foresees 3 more in 2018

    Economic CTV News
    WASHINGTON -- The Federal Reserve is raising its key interest rate for the third time this year and foresees three additional hikes in 2018, a vote of confidence that the U.S. economy remains on solid footing 8 1/2 years after the end of the Great Recession. Source
  • Canadian wireless prices still high by most standards but ISED sees positives

    Economic CTV News
    TORONTO -- Prices for some types of Canadian wireless service plans have fallen but overall they remain high compared with other countries, according to a report commissioned by the federal government. It says the biggest declines are with low-use mobile plans, which the Department of Innovation, Science and Economic Development said in a statement were cheaper in Canada than in the United States for the first time since 2013. Source
  • Bitcoin and blockchain start-ups cashing in on cryptocurrency frenzy

    Economic CTV News
    CALGARY -- The investor frenzy driving bitcoin prices to precipitous heights is playing out on stock markets as well, as companies shift focus to cryptocurrencies to get in on the latest boom. "People are trying to surf off the wave of bitcoin by strategically changing their name," said Jean-Philippe Vergne, co-director of the Scotiabank Digital Banking Lab at Western University. Source
  • Bernie Sanders, others on political left push Trump to maintain NAFTA hard line

    Economic CTV News
    WASHINGTON - Donald Trump is being told to stay strong on trade by people who aren't normally his allies. Bernie Sanders and other members of the anti-NAFTA left are holding a news conference on Capitol Hill this morning. Source
  • Uber: No evidence hackers took rider credit card numbers

    Economic CTV News
    DETROIT -- Uber says an outside cyber security firm hired after a massive data breach has found no evidence that rider credit card, bank account or Social Security numbers were downloaded by hackers. The company also says in a response to demands for information from U.S. Source
  • Fed raises interest rates, keeps policy outlook unchanged for 2018

    Economic CBC News
    The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, as anticipated, but left its rate outlook for the coming years unchanged even as policymakers projected a short-term acceleration in U.S. Source
  • Housing market expected to slow next year, but prices still forecast to rise

    Economic CTV News
    TORONTO -- New stricter mortgage rules are expected to slow the housing market next year, but prices are still expected to rise about five per cent, according to a report by Royal LePage. In its market survey forecast, the real estate firm says its house price composite, which measures prices in 53 Canadian cities, is expected to increase 4.9 per cent next year to $661,919. Source