#Northern Ontario softwood lumber

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Ontario Stands with Forestry Workers and Businesses in Face of Unfair Duties

@ONgov @Kathleen_Wynne @Kathryn_McGarry Stand w/ #Forestry inFaceof Unfair @CommerceGov Duties @ONresources @Forests_Ontario @avterracebay @manitouwadge @Twp_Dub @YourTerraceBay #softwood @M_Mantha @NRCan @borealforest_ca @LumberBoard @forestry @ontforest

Premier Kathleen Wynne and Minister of Natural Resources and Forestry Kathryn McGarry issued the following statement responding to the announcement of new duties on Canadian softwood lumber exports to the U.S.: Premier of Ontario Kathleen Wynne. “The Ontario government will continue to stand alongside forestry workers and businesses — and the communities across the province that depend on it. We…

[its-veso]

Another day, another USD/CAD advance

The Canadian dollar remains under pressure. The pair reached a new high at 1.3670, reaching yet another 14-month high. The next level of resistance is only at 1.3850.

The last time the pair saw these levels was in the wake of 2016. The crash in oil prices sent Dollar/CAD shooting all the way to 1.4690. Yet the fall was as quick as the rise. In a matter of months, the pair jumped from ranges seen recently to these sky-high levels before crashing to much lower one, at the 1.24 handle.

Will we see this again? The roller-coaster is unlikely to return, yet a gradual climb to higher ground is on the cards.

USDCAD pressured not only by oil

The black gold is the easy culprit for the drop in the value of the loonie. WTI Crude Oil slipped under $49 per barrel. It just cannot hold onto the $50 level for a long time. A break above $55 seems hard to pull off.

While OPEC and its non-OPEC associates may extend the production cut, this may spur another rise in US shale production which continues its steady rise.

Another ongoing issue for the Canadian dollar stems from house prices in Canada’s top cities. After the government of British Columbia introduced measures to curb the steaming hot market in Vancouver, the regional government of Ontario followed suit. They worry about house prices in Toronto and its surroundings.

Is this the end of the bubble? Markets can remain insane longer than participants remain solvent, said Keynes. Yet reports[1] about issues with Canadian lenders as well as developers start appearing.

And the recent rally in USD/CAD originates from Trump’s fresh focus on trade[2] with its northern neighbor. The US president and Canadian PM Trudeau started their relationship on strong footing, with a warm meeting at the White House.

Things deteriorated in recent days with complaints about Canadian politicians outsmarting American ones on issues ranging from the dairy in Wisconsin through lumber, timber, and softwood. Trump’s threat to tax timber triggered the initial CAD tumble.

Reports on totally abandoning NAFTA circulated in Washington and were later denied by the White House. At the moment, the official US position is that the US just wants to renegotiate the deal rather than abolish it. Mexico and Canada are open to talks, but the damage has already been done.

More: USD/CAD: Is this just the beginning? 1.40 is next?[3]

Here is how the recent moves look on the Dollar/CAD daily chart:

Get the 5 most predictable currency pairs[4]

References

^ reports (news.forexlive.com)

^ Trump’s fresh focus on trade (www.forexcrunch.com)

^ USD/CAD: Is this just the beginning? 1.40 is next? (www.forexcrunch.com)

^ Get the 5 most predictable currency pairs (www.forexcrunch.com)

from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/PMSaayTvrWI/

[ontarionewsnorth]

Joint statement by Patty Hajdu and Don Rusnak on Softwood Lumber

Joint statement by @PattyHajdu @DonRusnakMP on #SoftwoodLumber @CityThunderBay @CanadianForests @CanadaTrade @ontforest @YourTerraceBay @Manitouwadge @VisitGreenstone @avterracebay @ONresources

Thunder Bay, ON – The Honourable Patty Hajdu, Member of Parliament for Thunder Bay-Superior North, and Don Rusnak, Member of Parliament for Thunder Bay-Rainy River, today issued the following statement following the imposition by the U.S. Department of Commerce of duties on imports of certain Canadian softwood lumber products into the United States: Thunder Bay – Superior North MP Patty Hadju…

[ontarionewsnorth]

Minister Kathryn McGarry Re: Softwood Lumber Dispute

Minister @kathryn_mcgarry Re: #SoftwoodLumber Dispute @ONresources @ontforest @TradeON @CanadaTrade @LumberBoard @CanadianForests @ontarioforests @ONeconomy

Statement from MPP Kathryn McGarry; Minister Kathryn McGarry “Our government fully supports our forestry sector and the critical role it plays in the success of the provincial economy. Generating over $15.5 billion in revenues and supporting approximately 172,000 direct and indirect jobs, the sector is a significant part of communities across the province. I’m disappointed that the US Government…

[ontarionewsnorth]

Ontario Standing Up for Forestry Sector and Northern Communities

@ONgov StandingUp4 #Forestry Sector& #NorthON Communities @Kathleen_Wynne @kathryn_mcgarry @ONresources@Forests_Ontario @CanadaTrade #softwoodlumber

Province Introducing New Measures to Protect Good Jobs Premier Kathleen Wynne is standing with Ontario’s forest products workers and the communities that rely on this important sector. The Premier, along with Minister of Natural Resources and Forestry Kathryn McGarry, is taking action to support communities in light of the uncertainty created by the latest unfair actions in the softwood lumber…