Toronto Stocks Inch Ahead

Canada’s main stock index inched higher Thursday – following yesterday’s Bank of Canada rate hike – led by a gain in energy stocks.

The TSX was up 100.90 points to 20,700.50.

The Canadian dollar rose 0.032 cents at 75.06 cents U.S.

The Bank of Canada yesterday, indicated it will pause its rate-hike cycle, which it continued with a 25 basis point increase that took the benchmark rate to a 15-year high of 4.5%.

Imperial Oil Ltd. (TSX:IMO) said it is moving forward with a $720-million project to build a renewable diesel facility at its Strathcona refinery near Edmonton. The project is expected to produce 20,000 barrels per day of renewable diesel once it is operational.

Statistics Canada reported this morning that the number of job vacancies fell by 2.4% in November to their lowest level since August 2021. The agency says the number of job vacancies across all sectors was … Read more

TSX Finishes Slightly Down

Canada’s main stock index fell short by the close on Wednesday after the Bank of Canada raised its overnight lending rate as expected but signaled a pause in its hiking cycle and added economic growth would stall through the middle of the year.

The TSX lost 29.95 points to conclude Wednesday at 20,599.60.

The Canadian dollar let go of 0.07 cents at 74.70 cents U.S.

Industrials were looking down Wednesday, with Canadian National Railway down $7.62, or 4.6%, to $158.29, while Canadian Pacific lost $3.96, or 3.7%, to $102.98.

Energy stocks faltered, too, as Birchcliff Energy lost 35 cents, or 3.8%, to $8.86, while Peyto Exploration moved back 46 cents, or 3.4%, to $13.13.

Among utilities, Boralex backpedaled 88 cents, or 2.2%, to $38.62, while Innergex Energy docked 30 cents, or 1.9%, to $15.87.

Gold stocks tried to right the ship, as Centerra Gold gained 40 cents, or 4.8%, to … Read more

USD / CAD – Canadian dollar dead in the water

– Risk sentiment is modestly positive ahead of US quarterly earnings reports.

– Euro area PMI data slight better than forecast.

– US dollar opens with tiny gains after dull overnight session.

USDCAD snapshot: open 1.3365-69, overnight range 1.3349-1.3383, close 1.3368, WTI $81.61, Gold $1937.97

The Canadian dollar is dead in the water. Holidays in Asia and the upcoming release of a trove of US quarterly earnings reports has sidelined traders.

Traders are awaiting tomorrows Bank of Canada monetary policy meeting.

The Bank of Canada (BoC) is expected to raise interest rates by 25 basis points, bringing the key interest rate to 4.50%. But the predictions are far from unanimous. There is a contingent that thinks the BoC will remain on hold, which if correct, would sink the Canadian dollar.

The statement accompanying the rate decision will be closely watched for any explicit signal of the end of the rate … Read more