- Investment in building construction plunged 45.9% to $8.4 billion in April compared with the previous month. Previously, the largest national decline on record for the current series (which dates back to 2010) was a 3.9% decrease in August 2017.
- The number of exporting enterprises fell by 24.8% to 16,513 in April on a year-over-year basis, as the decline observed in recent months continued to accelerate. Small and medium-sized exporting enterprises accounted for nearly all the decline. The smallest enterprises (those employing fewer than 50 people and with an export value ranging from $1 million to $24.9 million) were particularly affected.
The Canadian dollar is a bit stronger due to the new Bank of Canada governor Tiff Macklem’s comments. Macklem said Canada’s economy should resume growth in the third quarter as containment measures are lifted. He cautioned, however, that recovery will be ‘prolonged and bumpy.’ The central bank will continue to buy government bonds until a rebound is “well underway,” he said, adding falling inflation is the main concerns for policy makers.
Currently Close Range
USDCAD 1.3541 1.3607 1.3531-1.3630
EURCAD 1.5243 1.5209 1.5196-1.5256
GBPCAD 1.6870 1.6801 1.6798-1.6881