Statistics Canada published a report early this afternoon which reviewed the change in the amount of foreign purchases of domestic securities. The data suggests that investors are beginning to find greater value in Canadian securities as soaring oil prices help the Canadian economy gain value at a faster pace than some of its rivals.
Many analysts had assumed, given the recent downtick in Canadian industrial and manufacturing figures, that foreign investment would slow down in comparison with the previous month’s reading of C$6.44B. The expectations for C$5.45B in investment growth, however, were trounced when the report was published with a reading of C$8.22B in foreign purchases of domestic securities. The timing of the report couldn’t be better considering the slew of data which has pulled down on the CAD in recent weeks.
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