The Canadian dollar edged higher against its \u2060U.S. counterpart \u200bon Tuesday as oil prices rose and Canada\u2019s trade data added to evidence that the domestic economy rebounded in the second quarter.<\/p>\n
The loonie was trading 0.1% higher at 1.4190 per U.S. dollar, \u200bor 70.47 U.S. cents, after moving \u200cin a range of 1.4189 to 1.4226.<\/p>\n
Canada\u2019s trade surplus widened to a four-year high of C$4.24 billion ($2.98 billion) in May as exports rose for the fourth consecutive month.<\/p>\n
\u201cCanadian trade surpluses can come and go quickly \u200cwith swings \u200bin oil prices, and \u200cthis is probably the high watermark for now,\u201d Robert Kavcic, a \u200bsenior economist at BMO Capital Markets, said in \u2060a note.<\/p>\n
\u201cStill, net exports look to add firmly \u2060to growth in Q2, another data point that suggests the Canadian economy has snapped \u200bout of its two-quarter funk,\u201d Kavcic said.<\/p>\n
Canada\u2019s economy contracted at an annualized rate of 0.1% in the first quarter after a 1% contraction in the final three months of 2025.<\/p>\n
The price of oil, one of \u2060Canada\u2019s major exports, rose after reports of attacks on vessels near the Strait of Hormuz revived fears of disruptions to shipping through the critical energy transit route.<\/p>\n
U.S. crude oil futures were trading 2.8% higher at $70.47 a barrel, while the U.S. dollar edged \u2060higher against a basket of major currencies.<\/p>\n
\u200bCanada and Turkey have formally launched negotiations for a free-trade agreement, Canadian \u2060Prime Minister Mark Carney\u2019s office said.<\/p>\n
Canadian employment data, due on Friday, can offer additional \u200cclues on the state of the domestic economy. Investors expect a jobs gain \u200bof 10,000 and the unemployment rate to hold steady at 6.6%.<\/p>\n
Canadian government bond yields moved higher across the curve. The 10-year was up 4.8 basis points at 3.467%, \u200btrading near the top of its range in recent weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"The Canadian dollar edged higher against its \u2060U.S. counterpart \u200bon Tuesday as oil prices rose and Canada\u2019s trade…\n","protected":false},"author":2,"featured_media":786629,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-786628","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/786628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=786628"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/786628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/786629"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=786628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=786628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=786628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}