Wednesday, April 16th5.4°C
21417
20446

Canadian dollar advances on economic optimism; traders look to jobs, trade data

TORONTO - The Canadian dollar closed higher Tuesday, benefiting for a second day from an improved economic outlook and hopes for rising oil exports.

The loonie gained 0.13 of a cent to 90.24 cents US.

That followed a rise of about one-third of a cent Monday amid optimism that the controversial Keystone XL pipeline will get U.S. approval. The pipeline, which would carry oilsands crude from Alberta to the Gulf of Mexico, would boost shipments from Canada and lift the economy.

The U.S. State Department said Friday that the proposed TransCanada (TSX:TRP) pipeline would produce less greenhouse gas emissions compared with transporting oil by rail to refineries in Texas.

Also, the International Monetary Fund said Monday that it expects the Canadian economy will grow 2.2 per cent this year, which is up from an estimated 1.7 per cent in 2013 as the U.S. continues to import rising volumes of oil from Canada.

Traders looked ahead to the release of major Canadian economic data coming out later in the week. The merchandise trade balance comes out Thursday while the employment report for January is released Friday.

Economists expect Canada's trade deficit to narrow to about $500 million for December, a little over half of November's level. Job creation for January is expected to come in at 15,000.

The U.S. government also releases January employment figures on Friday with economists forecasting that about 190,000 jobs were cranked out during the month.

Elsewhere on the economic front, data showed that U.S. factory orders dropped 1.5 per cent in December, but that was better than the 1.8 per cent dip that had been expected.

On the commodity markets, March crude oil in New York gained 76 cents to US$97.19 a barrel, March copper gained a cent to US$3.19 a pound while April gold lost $8.70 to US$1,251.20 an ounce.

The Canadian Press


Read more Business News

21297


Recent Trending




Today's Market
S&P TSX14303.92+19.49
S&P CDNX992.10-3.91
DJIA16262.5689.32
Nasdaq4034.161+11.467
S&P 5001842.98+12.37
CDN Dollar0.9110+0.0002
Gold1300.50+0.50
Oil103.93+0.18
Lumber325.80+1.60
Natural Gas4.539-0.028

 
Okanagan Companies
Pacific Safety0.11-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.27-0.08
Cantex0.045-0.005
Anavex Life Sciences0.38-0.0175
Metalex Ventures0.0750.00
Russel Metals30.27-0.12
Copper Mountain Mining2.32-0.07
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


20260

FEATURED Property
1906611410 NE Highway 97B
3 bedrooms 4 baths
$459,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


US Fed assures on interest rates

The Big Picture US Fed assures on interest rates The week got off to a good start with supportive comments from Fed chief Janet Yellen who assured the markets that low interest rates were here to stay...

_



21641

21641


Member of BC Press Council


21188