Bank of Canada Governor Mark Carney recently rejected the notion that the Canadian dollar was nothing more than a "petro-dollar." The wealth the oil sector creates is significant, but it pales in comparison to the entire economy making the claim the loonie is merely a "petro-dollar" seem somewhat overblown.
Currency analyst, OANDA Corp
Scott Boyd has nearly two decades' experience producing education materials and market analysis for several of Canada's leading financial institutions. Scott contributes articles to OANDA's <a href="http://forexblog.oanda.com/" rel="nofollow">MarketPulse FX</a> blog examining the events that affect global currency exchange rates.
With the release of the latest growth projections from the Bank of Canada and the International Monetary Fund (IMF), it appears that Canada's two-year run at the top of the G7 group of countries could be coming to an end. Both the Bank of Canada and the IMF have lowered this year's growth predictions, paving the way for - get this - America to take over the top spot.
02/10/2012 01:38 EST
For now, the Canadian economy appears reasonably well-positioned for the coming year. While growth will not be spectacular, the economy is still expected to continue expanding and this should be supportive of the Canadian dollar.
01/06/2012 05:17 EST
For many, the improving job growth numbers were seen as a sign that the Canadian economy was back on track despite fears that the economy was tipping back towards recession. Dig a little deeper into the numbers, however, and the headline may not be as positive as it first appears. In fact, it could be downright deceiving.
10/12/2011 09:04 EDT
A weaker currency makes Canadian products more affordable for U.S. consumers. This factor alone may not be enough to offset demand-driven losses, but it could soften the blow.
10/05/2011 08:55 EDT
In its last statement, the Bank of Canada advised that an interest rate hike later this year was likely, but this may now be on hold given the recent turn of events. Indeed, some quarters are even suggesting that the Bank of Canada may be forced to lower rates, although this seems like a long shot.
08/12/2011 11:52 EDT
The Canadian housing market has "lost touch with fundamentals" according to a report by research firm Capital Economics. In
07/21/2011 09:54 EDT
The market is pricing a Bank of Canada interest rate increase in the final quarter of the year. By then we will have a better understanding of the state of the current slowdown in the U.S. and there should also be greater clarity regarding the European debt crisis.
07/05/2011 07:48 EDT
Policymakers in Canada must hope that the elephant next door has nothing more than a case of the sniffles. Unfortunately, the diagnosis looks more serious.
06/20/2011 01:19 EDT
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