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Canadian dollar trading above 77 U.S. cents

Canadian dollar moving higher on first trading of the week due to higher crude oil prices. Although there is no economic data due today from both side of the border. Crude oil moves 2.17 per cent higher since last close. Bank of Canada is schedule to make interest rate announcement on Wednesday. Analysts are expecting no change in interest rate.

Canadian dollar is trading at 1.2908 per U.S. Dollar or 77.47 U.S. cents.

**Current transfer rates as follows: (Give us a call for updated rates)
TO U.S.A — 1.3100
TO PAKISTAN — 80.00
TO U.K. — 1.8560

Daily Transfer Rates offer by Finmark Financials

Qurbani / Zabiha / Udhiya service in Pakistan

 

 

10th of Zhul Hijjah – EID AL ADHA – will fall on Thursday , September  24th 2015

This year Finmark Financials has arranged Qurbani / Zabiha / Udhiya service through Saylani Welfare, Pakistan. Your Qurbani / Udhiya / Zabiha will be offered in Pakistan, Saylani Welfare been able to help needy families since 1999. It provides an essential Eid gift for families who may not ordinarily have access to meat.

Saylani Welfare in Pakistan will carry out this important religious duty on your behalf and meat will be distributed to more than 100,000 deserving families. A healthy goats and cows will be selected on your behalf and slaughtering services are rendered in the required manner. You can select a complete animal for slaughter, or part(s) out of the seven designated in a cow.

If you like to perform your Qurbani through Saylani Welfare or need more information email us at salyani@finmark.ca or visit Saylani Welfare

To Learn more about Qurbani / Zabiha, click here.

IMPORTANT NOTE: Please make note that your transaction will be processed in Pakistan hence you will not be able to avail tax benefit in Canada against your Qurbani / donations. Saylani Welfare receipt will be issued in your name. Provide name of individuals on behalf sacrifice will be performed (optional). Finmark Financials has signed an official MOU with Saylani Welfare in May 2015 to offer you Qurbani / Zabiha / Udhiya service.

Canadian Dollar moves higher against greenback on last trading day of 2014

On Wednesday December 31, 2014 last trading day of the year of 2014 Canadian dollar closed slightly higher against US Dollar.

The loonie gained 0.05 a cents and closed at 86.20 cents or 1US$ = 1.1600. Overall Canadian dollar dropped closed to 8.16 percent since beginning of 2014 against US Dollar.

The main reasons of dropped in Canadian dollar in year 2014 is due to falling commodity prices especially crude oil, weak monthly job data and strong data from U.S.

In U.S. data showed consumer confidence index rose, index came in at 92.6 in December, up from a November read of 88.7. The U.S. Case Schiller home price index rose by a greater than expected 0.76 per cent on a seasonally adjusted basis in October.

U.S. dollar also strengthened in 2014 as the Fed (Federal Reserve) wrapped up its massive program of buying bonds and mortgage-backed securities that kept long-term interest rates low.

Commodity prices fell in the wake of data that suggested China’s economy is slowing than analyst expected which will reduce commodity demand.

On the commodity markets, March copper gave back three cents to US$2.83 a pound while February gold faded $16.30 to US$1,184.10 an ounce.

It is also expected that the Fed will move to hike interest rates for the first time since the 2008 financial meltdown. If Fed increase interest rate expectations are the Bank of Canada will also move to hike interest rates in 2015.

Learn from yesterday, live for today, hope for tomorrow. — Albert Einstein

Happy New Year everyone!!

Canadian Dollar dropped on poor November job data

On Friday, Dec 05, 2014 Canadian dollar lowered after data showed the Canadian economy lost jobs and on the other side of border U.S. economy added jobs in November.

According to Statistics Canada economy shed 10,700 jobs in November, it increase the jobless rate slightly higher to 6.6 percent. Although economy has added jobs in the month of September and October.

Canadian dollar closed at 87.43 cents or 1US$ = 1.1437 on Friday trading session, it depreciated close to 0.6 percent. It is weakest since July 2009.

The U.S. government reported nonfarm payrolls increased by 321,000 jobs last month, versus a Bloomberg survey’s forecast for a gain of 230,000. The unemployment rate remains at a six-year low of 5.8 percent.

This week Bank of Canada announced to keeps interest rate at 1 percent. It is at this level since September 2010. The longest pause of interest rate has since early 1944. Canadian policy maker have no plan to raise interest rate until the end of next year, according to the median estimate of economists surveyed by Bloomberg from Nov. 7 to Nov. 12.

Currency analyst still forecast stronger US Dollar due to lower commodity prices. Dropped in crude oil prices continue to dragged Canadian dollar. In commodities market, the crude oil contract for January fell 36 cents to US$66.45 a barrel on the New York Mercantile Exchange. Gold bullion contract of February moved down $15.80 to US$1,191.90 an ounce, and the copper contract of March was ahead 0.4 of a cent at US$2.919 a pound.

If you are planning to sell US Dollar take advantage of strong US dollar. We buy/sell foreign currency better rate then your bank with absolutely no commission!! Call us for updated rate, we will happy to serve you.

Canadian Dollar dragged down as crude oil dropped below US$70 per barrel

On Friday, November 28, 2014 Canadian dollar once again dropped against US Dollar. Even though Statistics Canada reported third quarter gross domestic product (GDP) percent better than economists had expected.

The GDP product ran ahead at an annualized pace of 2.8 percent. That is much higher than the 2.1 percent rise economists were expecting. On a monthly basis, the economy grew by an average of 0.4 percent in September. The steady growth in economy was a result of good export and household spending. As gas prices are down consumer are spending extra cash on more household items.

The loonie dropped to 0.42 to 87.63 cents or US$1 = 1.1411 against US dollar compare to Thursday’s closing. It is significant one day dropped. Beginning of the week it was trading at 89.05 cents or US$1 = 1.1229. In entire week it dropped close to 2% against greenback.

As Canadian dollar is a commodity based currency, this week dropped is mainly due to collapse in crude oil prices. In commodity market, the January crude contract on the New York Mercantile Exchange was down $4.34 from Wednesday’s closing price to a 4 1/2 year low of US$69.35 a barrel.

This week declined in crude oil prices below U$$70 per barrel due to OPEC decision not to cut production. OPEC leaves its daily output of crude oil unchanged at 30 million barrels a day. Oil prices have plunged about 35 per cent from mid-summer highs because of a higher U.S. dollar, lower demand and most particularly a surplus of global supply.

Metal prices are also down gold down $14.60 to US$1,182.90 an ounce while March copper fells seven cents to US$2.89 a pound.

If crude oil prices continue to decline Canadian dollar will drag further against US Dollar.

If you are planning to sell US Dollar take advantage of strong US dollar. We buy/sell foreign currency better rate then your bank with absolutely no commission!! Call us for updated rate, we will happy to serve you.