As oil continued to surge above $75/bbl, the Canadian dollar edged higher against the US dollar. Canada is a major exporter of oil, causing a propensity in the Loonie to move together with energy prices.
Canada?s foreign investments totaled close to $5.7 billion. However, foreign investors dropped over $3.1 billion of Canadian securities as international takeovers prompted a retirement of Canadian portfolio securities.
[I]Source: Financial Post[/I]
Higher machinery and electronic equipment sales led Canadian wholesales to a 0.6 percent advance. Weakness in food and tobacco sales moderated gains.
[I]Source: Reuters Canada[/I]
TD Ameritrade Holding Corp. posted a 14 percent growth in earnings as CEO Joseph Moglia reduced costs by over $300 million. The recent purchase of Toronto-Dominion Bank has spurred four consecutive quarters of growth, causing speculation of a possible merger with Schwab or E*Trade.
[B]Currency Markets: USDCAD
[/B]As oil continued to surge above $75/bbl, the Canadian dollar edged higher against the US dollar. Canada is a major exporter of oil, causing a propensity in the Loonie to move together with energy prices. Higher-than-expected wholesale sales outweighed a drop in domestic investments, helping a mild Canadian dollar ascent. The US dollar did not present much of an opposition as investors remain fixated on dovish comments spouted from Bernanke?s testimony yesterday. The USDCAD was most recently trading at 1.043.
[B]Equity Markets: S&P/TSX Index
[/B]The S&P/TSX Index was little changed as Motion in Research gains were offset by Railroad companies. RIM picked up $3, while railroad companies Canadian Pacific and Canadian National dropped $3.03 and $1.09 respectively. The railroad companies fell after brokerage firms RBC and Credit Suisse cut rating on the companies. The S&P/TSX was most recently quoted up 6.24 points at 14,589.90.
[B]Fixed Income Markets: Canadian Government-10 Year Bond
[/B]Following yesterday?s rally, bond prices moved lower together with US bonds, spurred by Bernanke?s less-than-hawkish speech. The 10-Year government bond was most recently quoted at 95.485, yielding 4.62.