Canada Crude -heavy And Synthetic Grades Weaken Further

Flaherty Names RBC’s Taylor to Canada Pension Plan Board

employment data, usually a key market mover, was due out on Friday, but with the shutdown in effect the figures are not expected to be released until the budget impasse is resolved. “The Canadian dollar, much like most global currencies, is playing a little bit of ‘Waiting for Godot’ if you will, in the sense that if Godot is the U.S. nonfarm payrolls data,” said Brad Schruder, director of foreign exchange at BMO Capital Markets. Following a brief spike after the U.S. Federal Reserve’s decision to stand pat on its economic stimulus program on Sept. 18, the Canadian dollar has been trading in a tight range. “We’ll call it the eye of the storm,” said Jack Spitz, managing director of foreign exchange at National Bank Financial in Toronto. “There’s plenty of volatility around us, but it seems to be having a self-mitigating impact on dollar-Canada dollar.” The Canadian dollar closed at C$1.0326, or 96.84 U.S. cents, marginally stronger than Wednesday’s close of C$1.0332, or 96.79 U.S. cents. The currency is expected to trade between C$1.0320 and C$1.0350 for the balance of the week, said Schruder, adding that Ivey September manufacturing data for Canada on Friday could give the currency a modest push. In the longer term, the Canadian dollar is expected to lose ground against its U.S. counterpart in coming months, though economists forecast the currency will be more resilient than previously anticipated, a Reuters poll released on Thursday found. The median forecast of more than 50 economists and currency strategists was for the Canadian dollar to trade at C$1.030 to the U.S. dollar, or 97.09 U.S.

Western Canada Select heavy blend for November delivery last sold for $33.50 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers. That compares with a settlement price of $32.85 per barrel below the benchmark on Wednesday. Light synthetic crude from the oil sands for November delivery last traded at $12.50 per barrel below WTI, compared with a settlement price on Wednesday of $11.75 below the benchmark. A ramping up of production at Imperial Oil’s Kearl project and strong output from Syncrude’s northern Alberta oil sands project have pushed differentials wider in recent weeks. Production from Canada’s largest energy company Suncor Energy Inc dipped in September however, falling 16 percent month-on-month to 365,000 barrels per day as a result of maintenance at its U2 upgrader. Market players said weaker refining margins meant there was less demand from refineries, while Shell Canada’s 100,000 bpd Scotford, Alberta, refinery, is also undergoing a full turnaround. “Margins are diminishing so refineries have lower utilization than in the last two or three months, which is putting pressure on pricing,” one Calgary crude trader said. “As we get more and more production coming out there are also logistical issues.” Pipeline company Enbridge Inc increased apportionment on its export network in October, and some market sources said there were concerns there could be more rationing ahead. Higher apportionment can push differentials wider on concerns that crude will get bottle-necked in Canada. Last winter congested export pipeline capacity and growing production meant WCS at times traded more than $40 per barrel below WTI, in what the Alberta government termed the “bitumen bubble”.

This marks the second appointment for Taylor in six weeks after she was named chairwoman at Royal Bank of Canada (RY) , the countrys biggest lender, starting next year. The CPPIB, which reported C$188.9 billion ($183 billion) of assets on Aug. 9, works independently of government to invest taxpayer pension contributions. Ms. Taylors global operational expertise and significant financial-services-board experience will make her a solid contributor, Flaherty said in a statement today from Ottawa. Taylor didnt immediately respond to an e-mail request for comment. Taylor, 56, the former chief executive officer of Four Seasons Hotels & Resorts, has been on Royal Banks board since 2001. She has a masters degree in business administration from the Schulich School of Business and a law degree from Osgoode Hall Law School at York University in Toronto. Katie will be a valuable addition to our board and contribute significantly to CPPIBs ability to fulfill its crucial responsibility to provide a foundation upon which 18 million Canadians build their financial security in retirement, Bob Astley, Canada Pension Plan chairman, said in an e-mailed statement. Canada Pension Plans first chairman was a female, Gail Cook-Bennett, who later became the non-executive chairman at Manulife Financial Corp. (MFC) , the countrys biggest insurer. To contact the reporters on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net ; Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net More News:

Canada U-17 coach announces FIFA World Cup roster with plan to “win every single game” in UAE

Given that environmental destruction — and it was undeniably destructive — there is tremendous political resistance to this method of transport. So what’s happened? It’s not like we are keeping the 6 percent to 7 percentoil growth in this country in the ground. We’re just shipping it differently, mostly by rail. But there is so much of the stuff that it is likely that we will have to send the so-called dirty oil from Canada overseas. Despite the bountiful new supplies of energy we are still importing 6 million barrels a day from non-North American sources. Where does that come from? The big three: Saudi Arabia, which is responsible for 13 percentof our imports, Venezuela, 9 percent, and Russia, 5 percent, according to the latest bulletin from the Energy Information Administration. Without political resistance, it is possible that in a couple of years we could be all North America. Right now we are helping to prop up two regimes that I think most Americans would regard as our actual enemies — Venezuela and Russia, particularly over the Syrian issue, and Saudi Arabia, which makes us hostage to any shutdown from any antagonistic regime in the Middle East tinderbox. So the choice is clear: create more jobs and make us energy secure versus the oil spills that pipelines, by far the most efficient and most lasting and arguably, given several recent oil train accidents including one that killed five people in Quebec, the most efficient and safest way to transport oil. Yet the political opposition to these initiatives is incredible.

What about oil from Canada?

Australia We really have to focus on the little things, he said. We have to focus on ourselves and our performance. While 24 players will travel to the United Arab Emirates for a pre-tournament training camp from Oct. 5-14, only 21 will be part of the final tournament roster. Of those 24, half are affiliated with a North American team, including representation from all three Canadian teams in MLS. You have to give [the academies] great credit, Fleming said. Every single one of those players are in professional environments thats a great trend moving forward. At the last U-17 World Cup in 2011, Canada earned their first-ever point in the competition, when a late-game, once-in-a-lifetime goal from Toronto FC goalkeeper Quillan Roberts sealed a famous 2-2 draw with England. Two players from that team Samuel Piette and Keven Aleman have since moved up to the senior ranks, with both appearing for Canada at this years CONCACAF Gold Cup. Canadian Exports: Is red-hot Ricketts the answer for CanMNT’s scoring woes? While Fleming certainly hopes his squad can make more history this time out, by earning Canadas first-ever U-17 World Cup win, he says the top priority is implementing a specific game plan on the field hopefully, as a result of that, our results [will be] positive. Canada qualified for UAE 2013 by beating Jamaica 4-2 in the quarterfinals of the CONCACAF U-17 Championship back in April. The young Reds went on to claim third place in that tournament with a dramatic win over Honduras on penalty kicks. Jordan Hamilton led the way for Canada, scoring three goals in five games. Canada open World Cup group-stage play on Oct. 19 against Group E opponents Austria, before meeting Iran on Oct. 22 and finishing off against Argentina on Oct.

Elections Canada doesn’t have Quebec’s powers to dig up illegal financing

“(Commissioner Yves Cote) is asking for them now, clearly; he’s asking for the power to compel witnesses, which would go a long way to help speed up the investigative process.” Quebec’s chief electoral officer has been given extra latitude to study who has been giving donations to the province’s political parties. That office can now cross-reference its files on political contributions with those of the provincial tax agency. That’s allowed Quebec’s elections watchdog to identify industry groups where employees have contributed en masse, possibly signalling the use of the so-called “borrowed names” system. In that scheme, a donor asks family and staff to write cheques to a party, and then reimburses them afterward a practice that is illegal federally and provincially as it circumvents the personal donation limits. “You’d have to have some kind of a match, some kind of ability to match the donor,” said Enright. “All we get is your name and your address, and the amount contributed. But you’re not going to get that … this individual works for corporation X, Y or Z.” Earlier this week, former Quebec construction boss Lino Zambito told CBC News that in 2008 he collected nearly $30,000 in cheques from friends and staff for the Action Democratique du Quebec (ADQ), later reimbursing them. Former party fundraising chairman Leo Housakos, now a Conservative senator, and former ADQ leader Mario Dumont have both denied knowing of such wrongdoing. Zambito responded by challenging the two men to testify before Quebec’s corruption inquiry to that effect. Montreal lawyer Mario Charpentier, a former ADQ executive, is fighting two fundraising infractions in Quebec for allegedly helping two individuals make contributions to the party in 2008. A Canadian Press analysis showed staff from several engineering consulting firms donating to one federal Conservative riding association in 2009, helping to swell the coffers to $288,823 despite the party placing fifth there in the previous election. There is nothing illegal about an individual employee making a contribution, but Quebec’s chief electoral officer told The Canadian Press this week that a pattern of several employees from one company pitching in would cause the watchdog to take a closer look at what’s going on. In addition, the Charbonneau commission of inquiry into contract corruption in Quebec has the power to compel witnesses to testify, as do investigators for the province’s chief electoral officer. The commissioner of Canada elections in his annual report this week called on Parliament to give him that same power.