Forex

Sunday 21 October 2012

Canadian Dollar Falls


The Canadian dollar weakened the most in about three months against its U.S. peer after Bank of Canada Governor Mark Carney suggested he may reduce his economic outlook and delay raising policy interest rates.

The loonie, as the currency is nicknamed for the image of aquatic bird on the C$1 coin, fell against almost all of its most-traded peers after Carney’s comments yesterday that his quarterly economic forecast next week will reflect a prolonged global recovery. Dalton McGuinty said yesterday he is stepping down as Ontario premier amid controversy over canceled power plants and an inability to implement budget cuts.

“A lot of people were riding the Canada bull rhetoric, Carney ride and now is the time to pare back some of those positions, and the market is doing so,” Dean Popplewell, head analyst in Toronto at the online currency-trading firm Oanda Corp., said in a phone interview. “He has certainly been less aggressive and fixed income and money markets are pricing out a hike anytime soon, pushing it to the curb.”

Canada’s currency weakened for a third day, falling 0.6 percent to 98.66 cents per U.S. dollar at 5 p.m. in Toronto, the biggest decline since July 23. One Canadian dollar buys $1.0136.

Oil, the country’s largest export, gained 0.2 percent to $91.99 a barrel. The Standard & Poor’s Index climbed 1 percent, the most in a month. The S&P GSCI Index of 24 raw materials added 0.2 percent.

Factory Sales
Canadian factory sales rose three times faster than economists forecast in August on gains in energy and automobiles. Sales climbed 1.5 percent to C$49.5 billion ($50.2 billion), Statistics Canada said today in Ottawa. The percentage gain exceeded all forecasts in a Bloomberg News survey of 22 economists.

“We would fade the headline strength in manufacturing sales, as this number could be revised lower,” Mazen Issa, Canada macro strategist at Toronto-Dominion Bank (TD)’s TD Securities, said in a note to clients. “Set against the backdrop of weak foreign demand, the prospects for a robust rebound in manufacturing activity over the balance of the year are dim.”

Government bonds fell, pushing the benchmark 10-year note up 0.03 percentage point, or three basis points, to 1.83 percent. The price of the 2.75 percent notes maturing in June 2022 fell 25 cents to C$108.15.

Economic View
The central bank’s revised forecast next week “will take into account the impact of the uncertainty,” Carney said in the text of a speech that he gave in Nanaimo, British Columbia, yesterday. Carney has said since April that that tighter policy “may become appropriate” as the economy moves toward full output, a phrase that didn’t appear in yesterday’s text.

“Governor Carney’s comments yesterday were far less hawkish than previous ones so it has the market reevaluating their expectation for an interest-rate hike in Canada,” Camilla Sutton, head of currency strategy at Bank of Nova Scotia (BNS) in Toronto, said in a phone interview. “The other side is that we have political uncertainty in Ontario now. Ontario is a province that is struggling and it’s a large and important province for the Canadian economy. There are subtle undertones that it is important for the Canadian dollar, even though the federal side is far more important.”

Investments in Canadian money market securities increased more than in any other country last quarter, sparked by an exodus from the zero yields and under-capitalized banks in Europe.

Investments in short-term debt sold mostly by Canadian banks almost doubled to 11 percent of the $383 billion in U.S. money-market funds tracked by Fitch Ratings. Canada ranked third based on allocations to its money markets, up from eighth a year ago, according to the Oct. 11 Fitch report.

Foreign Purchases
Foreigners bought Canadian securities for a second consecutive month in August, led by debt issued by companies and government enterprises, Statistics Canada said today.

Purchases totaled C$6.90 billion in August following July’s purchase of C$6.67 billion. The total included C$2.77 billion of money-market paper, and C$5.21 billion of corporate and government-enterprise bonds. Foreign investors also sold C$595 million of stocks.

The Canadian dollar has gained 1.2 percent this year among 10 industrial-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The greenback has fallen 2.6 percent and the euro is down 1.8 percent for the year.



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Friday 28 September 2012

Banks in Canada


Canadian Dollar Weakens as Stocks Decline on Aversion to Risk
Businessweek
Canadian government bonds rose, with the yield on the benchmark 10-year note declining to the lowest level in almost two months. The so-called loonie pared monthly and quarterly gains as a stress test showed Spain's banks have a combined capital ...
Related Articles »
Canada Stocks Decline Amid Disappointing US Economic Reports
Businessweek
Canadian stocks fell for the sixth time in seven days as data showed U.S. business activity unexpectedly contracted for the first time in three years and investors awaited stress test results for Spain's banks. The Bank of Nova Scotia and Royal Bank of ...
CANADA STOCKS-TSX halts 5-day skid, underpinned by China, Spain
Reuters
The miner was followed by the Bank of Nova Scotia, which advanced 1.24 percent, to end at C$54.75, and Royal Bank of Canada , which was up 0.93 percent at C$56.69. Gold and copper prices climbed higher on hopes of additional monetary stimulus from ...
Related Articles »
Central banks expanding their reach
Toronto Star
We're at the dawn of a revolution in central banking, in which the likes of the Bank of Canada, the U.S. Federal Reserve Board, and eventually the European Central Bank (ECB) will exert more influence over the global economy than government, business ...

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Saturday 25 August 2012

List of Banks in Canada



List of Banks in Canada


Schedule I Banks

BMO Financial Group
First Bank Tower
1 First Canadian Place
Toronto, Ontario M5X 1A1
(416) 867-5000

Bank West
1010-24 Street SE, P.O. Box 5328
High River, Alberta T1V 2A7
(403) 652-2107

Bridgewater Bank
10310 G.A. MacDonald (39A) Avenue
Box 8180, Station South
Edmonton, Alberta T6H 5X9
1-888-837-2326

CIBC
Commerce Court West, 56th Floor
Toronto, Ontario M5L 1A2
(416) 980-2211

Canadian Tire Bank
3475 Superior Court
Oakville, Ontario L6L 0C6
1-800-464-9166

Canadian Western Bank
2300-10303 Jasper Avenue
Edmonton, Alberta T5J 3X6
(780) 423-8888

Citizens Bank of Canada
401 - 815 West Hastings Street
Vancouver, British Columbia V6C 1B4
(604) 708-7800

CS Alterna Bank
400 Albert Street, 3rd floor
Ottawa, Ontario K1R 5B2
1-866-560-0120
(non-member)

DirectCash Bank
1420 28th Street North East, Bay #6
Calgary, Alberta T2A 7W6
(non-member)

Dundee Bank of Canada
44 King Street West
Toronto, Ontario M5H 1H1
1-888-884-3434

First Nations Bank of Canada
224 4th Avenue South
Saskatoon, Saskatchewan S7K 5M5
1-888-454-3622
(non-member)

General Bank of Canada
#006, 11523 – 100 Ave
LeMarchand Mansion
Edmonton, Alberta T5K 0J8
1-877-443-5620
(non-member)

HomEquity Bank
45 St. Clair Avenue West
Suite 600
Toronto, Ontario M4V 1K6
(non-member)

Jameson Bank
200 Front Street West
Suite 2203, P.O. Box 33
Toronto, Ontario M5V 3K2
(non-member)

Laurentian Bank of Canada
1981 McGill College Avenue
Montreal, Québec H3A 3K3
(514) 522-1846

Manulife Bank of Canada
500 King Street North
Waterloo, Ontario N2J 4C6
1-877-765-2265

MonCana Bank of Canada
777 - 8 Avenue S.W.
Suite 600
Calgary Alberta T2P 3R5
(403) 263-2265

National Bank of Canada
600 rue de la Gauchetière ouest
Montreal, Québec H3B 4L2
(514) 394-4000

Pacific & Western Bank of Canada
Suite 2002, 140 Fullarton Street
London, Ontario N6A 5P2
(519) 645-1919

President's Choice Bank
25 York Street, 7th Floor, P.O. Box 201
Toronto, Ontario M5J 2V5
(416) 204-2600

Royal Bank of Canada 
Royal Bank Plaza, 8th Floor, South Tower
200 Bay Street
Toronto, Ontario M5J 2J5
(416) 974-5151

The Bank of Nova Scotia
Scotia Plaza, 7th Floor
40 King Street West
Toronto, Ontario M5H 1H1
(416) 866-6161
TD Bank Group
P.O. Box 1, 11th Floor
Toronto-Dominion Centre
55 King Street West
Toronto, Ontario M5K 1A2
1-866-222-3456