Briefing highlights
- Loonie 'notably calm'
- Global markets mixed
- CP Rail names its next CEO
- A Melania Trump scene I'd love to see
- Video: Can you protect your job from robots?
‘Notably calm’
The Canadian dollar has hit a milestone of sorts: For the first time in more than three years, the loonie is above where it was a year earlier.
Not only that, says BMO Nesbitt Burns chief economist Douglas Porter, who spotted the move, the loonie has been “notably calm” over the past few months, trading in a range of about 3 cents since the close of the first quarter.
“Notably, this period of relative stability has helped it quietly climb above year-ago levels,” said Mr. Porter, highlighting the blue line in his chart.
“This marks the first time in more than three years that the Canadian dollar is higher than a year ago, dating all the way back to when Stephen Poloz took the reins at the Bank of Canada (June 2013).
The currency’s fortunes are, of course, tied to the price of oil, though other factors have been at play, and it stands now at about the 76.5-cent U.S. mark.
Oil prices have suffered recently, which is “no friend” to the Canadian dollar, Mr. Porter said.
“But, note that oil took an even deeper slide around this time of year in each of the past two years,” he added.
“Meantime, the currency is being supported by some haven flows amid uncertainty/turmoil in many other economies.”
As other economists have also noted, this will change at some point, depending on when the Federal Reserve looks to raise interest rates again, as well as where oil prices head.
A scene I'd love to see ...
“Call me Ishmael.”
CP Rail taps Creel
Canadian Pacific Railway Ltd. has pegged its current president and COO as its next chief.
But don’t write current CEO Hunter Harrison off just yet.
Keith Creel will take over the top spot next July 1, the railways announced, while Mr. Harrison gets a three-year consulting deal.
Child benefit kicks in
The Canadian government is making its first payments under its new Canada Child Benefit.
And as The Globe and Mail’s Rob Carrick reports, the average amount of extra money compared to previous programs is pegged at $2,300 a year.
There's also an online calculator to figure out how much your family gets.