Tuesday, July 29th34.3°C
21450
21739

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

22770


Recent Trending




Today's Market
S&P TSX15446.55+1.33
S&P CDNX1016.50-3.35
DJIA16912.11-70.48
Nasdaq4442.698-2.211
S&P 5001969.95-8.96
CDN Dollar0.92160.00
Gold1310.00+6.70
Oil100.94-0.03
Lumber322.20-0.80
Natural Gas3.73-0.017

 
Okanagan Companies
Pacific Safety0.185-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.20+0.05
Cantex0.085+0.02
Anavex Life Sciences0.2675+0.0025
Metalex Ventures0.085+0.005
Russel Metals35.29+0.14
Copper Mountain Mining2.86-0.11
Colorado Resources0.2250.00
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.035+0.015
Mission Ready Services0.155-0.035

 





FEATURED Property
1990122631 Devonian Ave.
4 bedrooms 3 baths
$1,295,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22685