Latest reports on the Canadian economy showed strong job creation and lingering housing market overheating. These were early signs for a rate hike. In your opinion, should we expect the BoC to raise interest rates? Why? No, I do expect the BoC to raise rates anytime soon, as there still are some downside risks that the Bank of Canada wants to make sure do not materialise, especially in the US trade policy. Another issue is that inflation is still below the Central Bank's target. There is still time for the excess capacity to be reduced before a rate hike becomes appropriate.
On Wednesday, April 5th the Horizons Medical Marijuana Life Sciences ETF began trading on the TSX. HMMJ is the first ever ETF offing investors direct exposure to a basket of cannabis related companies in Canada and the United States. According to its website, its stake didn't exceed 10 percent in any individual company. The Horizons Medical Marijuana Life Sciences ETF seeks to track the Solactive North American Medical Marijuana Index and it offers a way to invest without taking on individual company risk. However, the ETF only holds a total of 14 stocks, and while billed as a global fund, 10 holdings are Canadian-based. The medical marijuana industry is more developed in Canada than in other nations, and cannabis could soon become legal for all Canadian adults.
Canada's government is aiming to pass legislation that will legalise the recreational use of marijuana: the federal government is scheduled to table in Parliament legislation that will legalize the recreational sale of marijuana in the country. Prime Minister Justin Trudeau has acknowledged that will require selling cannabis at a price that is equal to or cheaper than its going rates on the black market and he has already endorsed one of its key recommendations: that marijuana should be legal for people who are of legal drinking age – 18 or 19 years old, depending on the province they live in.
The football associations of the United States, Canada and Mexico have announced their intention to submit a joint bid to host the 2026 World Cup. The CONCACAF countries confirmed their plan to bring the tournament to North America at a press conference at One World Trade Centre in New York. "Especially with what's going on in the world today, we believe this is a hugely positive signal and symbol of what we can do together in unifying people," U.S. Soccer Federation President Sunil Gulati said at Monday's bid launch, "especially in our three countries." Gulati didn't directly mention President Donald Trump in that particular remark, but the impact of the policies of the fledging administration on a World Cup bid involving feuding neighbors was a constant theme during the press conference.
Durham Regional Police Service (DRPS), Ontario, Canada, has issued a warning against digital currencies such as bitcoin after residents reported related fraud schemes. According to a notice posted last week, the Canadian Police said that fraudsters contact residents, promising to make money. They also send cheques to the victims, asking money to purchase bitcoins.
Canadians choose to travel to Switzerland to end their own lives last year, as Parliament passed a new law permitting doctor-assisted death that was widely criticized as too restrictive. Dignitas, the Swiss organization that offers suicide assistance to those with chronic, degenerative or terminal illness said 131 Canadians became members in 2016. It says 11 Canadians came to them in 2014, seven in 2015, and with the new law in place, five Canadians still travelled to Switzerland for assisted death feeling that new Canadian law did not leave them options at home.
The European Parliament has approved a landmark free trade deal with Canada. The Comprehensive Economic and Trade Agreement (Ceta) has been seven years in the making and its ratification is set to eliminate almost all trade tariffs between the European Union and Canada. EU lawmakers backed the Comprehensive Economic and Trade Agreement (Ceta) by 408-254 votes despite crowds of protesters contesting the deal outside. All 28 governments will need to give their approval to finalise the process of ratifying the agreement. “The ratification in all the member states will start, there will be a long process and in most countries without any problems, in some, with more discussions: "We will try to be there, we will try the effects of the Canadian agreement, try to calm some of the concerns,” said EU trade commissioner Cecilia Malmstrom.
Mossack Fonseca actively marketed Canada as a tax haven and established shell companies here to evade taxes, according to the documents obtained by the International Consortium of Investigative Journalists and shared with the Star and the CBC. The joint investigation has revealed that Canada's tax legislation provides favorable conditions for evading taxes, creating anonymous business entities, and cleaning illegally-gained cash.
The US Dollar was almost frozen against all other currencies, including the Canadian Dollar, as the currency exchange rate was only four pips higher than the opening price by mid-Tuesday. Although, the pair experienced some volatility, it does not even matter, if the US presidential elections are being taken into account. The whole basis and policy of the largest economy in the world is about to be changed or enforced even further by the results of the election, which will come in the upcoming hours. If Clinton wins, the Greenback will surge, and vice versa in case of a Trump victory.
By mid-Thursday the USD/CAD currency exchange rate had touched the 1.3395 level and retreated from it. Although the pair retreated from the 1.3395 level, there are no notable resistance levels at that point, as even the upper Bollinger band was located at 1.3402 on Thursday. It is most likely that the exchange rate is affected by some sort of short term resistance, which has propelled the rate lower for now. In the meantime, on the daily chart the pair faces no resistance up to the level of 1.3463, where the weekly R1 is located at. The only exception being the mentioned Bollinger band.
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