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The falling price of oil continues to dampen the mood at the Toronto Stock Exchange and with Goldman Sachs now forecasting lower prices for longer that feeling could be around for a while.
A survey by the Bank of Canada puts the level of optimism in sales growth at the lowest level for more than 2 years.
Canadian Natural Resources is the latest big firm to cut spending plans due to the decline in oil prices.
Tekmira Pharmaceuticals has announced a merger with the US firm OnCore Biopharma.
The scrutiny of the environmental records of Canada’s oilsands is reportedly being opposed by the government and the US and Mexico look set to veto the checks too.
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The market opened and started a downward slide almost immediately hitting a trough around mid-morning before recovering some of its losses after lunch.
Canada’s workforce reduced by 4,300 in December as 54,000 new full time jobs were offset by a loss of 58,000 part time roles.
The construction of new homes was at its lowest level for 10 months in December.
The low cost of oil is set to leave an extra $20 billion in the pockets of Canada’s commuters and motorists, assuming the price of crude continues lower throughout the year.