USD/CAD – Canadian Dollar Stuck in a Rut

The Canadian dollar churned yesterday, just before and immediately after the U.S. May inflation data was released. USD/CAD spiked to $1.2123 in a knee-jerk reaction to the Consumer Price Index surging 5.0% y/y, then plunged to $1.2068 after the details suggested the inflation gains were due to post-pandemic reopening pressures, which are not sustainable.

Bank of Canada Deputy Governor Timothy Lane’ speech did not have any impact on the currency. Lane reiterated comments from Wednesday’s monetary policy statement. He said the economy was growing as expected and wasn’t concerned about inflation, even though it was over 3.0% in April. Instead, the BoC is concerned about labour market pressures increasing slack in the economy.

The Canadian dollar continues to be underpinned by oil prices, a key reason why the loonie has outperformed against the Australian and New Zealand dollars. West Texas Intermediate, the North American benchmark, touched $70.77 in early New … Read more

This is Why the CBD Gummies Market Could See Substantial Growth

The CBD gummies market is setting up for explosive growth. In fact, between 2020 and 2027, analysts at Market Research Future believe the market could grow at a CAGR of 12%. All thanks to growing acceptance of cannabis and related products. “The growing popularity of CBD-containing products for medicinal and recreational purposes has led to the growth of the market in little more than a few years. Research from around the US has found that CBD can help with anxiety, pain, depression, and inflammation. CBD (cannabidiol) gummies are non-psychoactive, non-addictive, and non-intoxicating,” they note. That could be a substantial catalyst for companies such as Pure Extracts Technologies Corp. (CSE:PULL) (OTC:PRXTF) (XFRA:A2QJAJ), Aleafia Health Inc. (TSX:AH)(OTC:ALEAF), Canopy Growth Corporation (NASDAQ:CGC)(TSX:WEED), Tilray Inc. (NASDAQ:TLRY)(TSX:TLRY), and Charlotte’s Web Holdings Inc. (TSX:CWEB)(OTC:CWBHF). In addition, they added that, “The legalization of industrial hemp for medicinal and recreational purposes across various states in the US will … Read more

Hydrogen Demand Could Create a Potential Trillion-Dollar Opportunity

Hydrogen is expected to play a key role with green energy. In fact, according to analysts at UBS, as quoted by CNBC, “Global discussions around the potential for a hydrogen (H2) economy have accelerated in the past 12-months… H2 has been well discussed as one of the major contributing forces in helping decarbonize the world’s economy, in particular given that some industries cannot easily make the battery shift.” In addition, the firm said that with supportive policies, and falling costs, hydrogen could make up about 10% of global energy use by 2050, creating a potential trillion-dollar opportunity. That could be beneficial for companies such as Jericho Energy Ventures (TSXV:JEV)(OTC:JROOF), Plug Power (NASDAQ:PLUG), Ballard Power (NASDAQ:BLDP), Bloom Energy (NYSE:BE), and FuelCell Energy (NASDAQ:FCEL).

In addition, analysts at Bank of America once noted that green hydrogen could be worth more than $11 trillion by 2050. Even Goldman Sachs said the hydrogen market … Read more