WEDNESDAY, APRIL 28, 2010
Barrick’s (TSE:ABX) Soars Past Estimates
Barrick Gold (TSE:ABX) (NYSE:ABX) had a great quarter as they exceeded analysts’ estimates by a solid amount, with revenue and profits climbing on the increase in price and sales of precious metals.

Earnings rose to 75 cents a share, beating the 63 cents a share analysts had looked for, on revenue of $2.56 billion, a hefty increase of 44 percent from the year before in the same quarter. Earnings last year came in at 42 cents a share.

Net income was over twice what it was a year ago, coming in at $758 million 76 cents a share in contrast to $371 million, or 42 cents a share last year.

The average price of gold during that time was $1,114 an ounce, while gold sales for the company increased to 2.07 million ounce, a 21 percent rise.

Demand for gold is the driver of good results, as it’s becoming the preferred safety haven for investors and hedge against inflation.

Although gold it the predominate force at Barrick’s, copper helped the results for the quarter as prices there continue to surge. Copper accounts for approximately 14 percent of overall sales in 2009 for the company.

Guidance from Barricks is for 7.6 to 8 million ounces of gold production for 2010 at a cost of $425 to $455 an ounce.

GOLD: A Climb Back Above The 1,169.70 Level Expected

GOLD (Futures): With a wipe out of most of its previous week losses occurring the past week, bull pressure has started building up towards the 1,169.70 level, its 2010 high. The commodity maintains a clear upside theme in the medium-term buttressed by its long-term rising trendline originated from the 700.22 level. Eventually overcoming the 1,169.70 level will mean a resumption of its 2010 gains towards its psychological level at 1,200 with a clearance of there paving the way for a run at its 2009 high at 1,226. Pressure will build on the 1,250 level if the 1,226 level gives in. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, the commodity has its first support at its April 19’10 low at 1,123.70, and its long-term rising trendline presently at the 1,094.70 level. A cap is likely there thus turning Gold in the direction of its primary trend. Overall, having halted its recent declines and sustained a hold above the 123.70 level, risk remains to the upside with eyes on the 1,169.70 level

From my good friend Patrick at Amerifutures….

LOOK AT THIS CHART! The current January – April ‘10 Consolidation looks EXACTLY like the April 09 to Sept 09, right before it broke out huge for the October- December 09 mega-run to the upside…get ready Part 2 is coming anyday!—PK

Chinese Harvest

Milling wheat for delivery in May traded on NYSE Liffe in Paris rose 0.4 percent to 128.50 euros ($173.56) a metric ton, while the November contract climbed 0.2 percent to 135.25 euros.

The wheat crop in China, the world’s biggest producer, may be damaged by a freeze that has delayed planting in Heilongjiang by more than 10 days, the China National Grain and Oils Information Center said today. Low temperatures are also “adverse” to rapeseed growth, the center said.

Full article could be found at: http://www.businessweek.com/news/2010-04-20/corn-wheat-advance-on-speculation-that-declines-were-excessive.html

Crop
Progress

Washington, D.C.

Released April 19, 2010, by the National Agricultural Statistics Service
(NASS), Agricultural Statistics Board, U.S. Department of Agriculture. For
information on “Crop Progress” call Julie Schmidt at (202) 720-7621, office
hours 7:30 a.m. to 4:00 p.m. ET.

Note: These data are preliminary and will be released after 4:00 p.m. ET each
Monday, except for holidays. See tomorrow’s Weekly Weather and Crop Bulletin
for final progress and condition estimates.

Corn: Percent Planted,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
CO : 3 1 7 6
IL : 34 1 1 12
IN : 17 1 0 4
IA : 19 1 5 5
KS : 21 7 8 16
KY : 35 10 4 23
MI : 6 1 2 3
MN : 13 1 0 1
MO : 40 9 7 28
NE : 5 0 3 4
NC : 63 34 34 47
ND : 0 0 0 1
OH : 6 1 2 5
PA : 7 3 1 5
SD : 4 0 0 1
TN : 59 15 10 37
TX : 70 48 60 65
WI : 3 0 0 1
:
18 Sts: 19 3 5 9
————————————–
1/ These 18 States planted 92% of
last year’s corn acreage.

Cotton: Percent Planted,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
AL : 3 1 0 7
AZ : 32 30 34 32
AR : 9 0 1 4
CA : 40 20 41 50
GA : 3 1 0 2
KS : 0 0 0 0
LA : 22 5 7 10
MS : 12 0 0 5
MO : 3 1 1 3
NC : 4 0 0 1
OK : 0 0 0 1
SC : 2 0 4 2
TN : 0 0 0 1
TX : 13 9 16 17
VA : 4 0 0 3
:
15 Sts: 11 6 11 12
————————————–
1/ These 15 States planted 99% of
last year’s cotton acreage.

Sorghum: Percent Planted,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
AR : 62 19 14 29
CO : 0 0 0 0
IL : 0 0 0 0
KS : 0 0 0 1
LA : 61 43 17 44
MO : 4 1 0 3
NE : 0 0 0 0
NM : 3 2 5 1
OK : 3 0 1 5
SD : 0 0 0 0
TX : 53 48 58 57
:
11 Sts: 23 20 24 25
————————————–
1/ These 11 States planted 98% of
last year’s sorghum acreage.

Sugarbeets: Percent Planted,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
ID : 57 32 50 63
MI : 98 78 61 46
MN : 15 1 0 2
ND : 13 1 0 2
:
4 Sts : 33 17 17 18
————————————–
1/ These 4 States planted 84% of last
year’s sugarbeet acreage.

Oats: Percent Planted,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
IA : 82 55 65 52
MN : 66 34 19 13
NE : 71 43 51 64
ND : 1 0 0 6
OH : 59 30 41 37
PA : 56 41 42 44
SD : 42 10 5 29
TX : 100 100 100 100
WI : 62 35 31 21
:
9 Sts : 63 47 46 47
————————————–
1/ These 9 States planted 64% of last
year’s oat acreage.

Oats: Percent Emerged,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
IA : 29 3 3 11
MN : 13 0 0 1
NE : 18 6 13 20
ND : 0 0 0 0
OH : 8 1 15 6
PA : 11 3 11 9
SD : 4 0 0 6
TX : 100 100 100 100
WI : 18 0 1 1
:
9 Sts: 36 28 29 31
————————————–
1/ These 9 States planted 64% of last
year’s oat acreage.

Rice: Percent Planted,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
AR : 53 19 23 30
CA : 4 0 3 3
LA : 73 66 64 69
MS : 45 13 17 28
MO : 40 7 10 18
TX : 69 53 90 76
:
6 Sts : 47 23 28 33
————————————–
1/ These 6 States planted 100% of
last year’s rice acreage.

Rice: Percent Emerged,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
AR : 16 1 3 7
CA : 0 0 0 0
LA : 46 15 34 47
MS : 9 3 4 8
MO : 5 0 0 2
TX : 40 22 64 59
:
6 Sts : 18 4 10 14
————————————–
1/ These 6 States planted 100% of
last year’s rice acreage.

Spring Wheat: Percent Planted,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
ID : 30 NA 37 44
MN : 43 NA 4 4
MT : 18 NA 5 14
ND : 5 NA 0 6
SD : 35 NA 10 34
WA : 74 NA 42 59
:
6 Sts : 20 NA 6 14
————————————–
1/ These 6 States planted 99% of last
year’s spring wheat acreage.

Barley: Percent Planted,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
ID : 25 NA 28 35
MN : 45 NA 3 4
MT : 26 NA 7 19
ND : 2 NA 0 4
WA : 64 NA 22 43
:
5 Sts : 18 NA 8 16
————————————–
1/ These 5 States planted 79% of last
year’s barley acreage.

Winter Wheat: Percent Headed,
Selected States 1/
————————————–
: Week Ending :
:———————–: 2005-
State:Apr 18,:Apr 11,:Apr 18,: 2009
: 2010 : 2010 : 2009 : Avg.
————————————–
: Percent
:
AR : 5 NA 35 39
CA : 83 NA 87 79
CO : 0 NA 1 0
ID : 0 NA 0 0
IL : 0 NA 0 0
IN : 0 NA 0 0
KS : 0 NA 1 3
MI : 0 NA 0 2
MO : 0 NA 0 3
MT : 0 NA 0 0
NE : 0 NA 0 0
NC : 5 NA 0 21
OH : 2 NA 0 0
OK : 6 NA 29 25
OR : 0 NA 0 0
SD : 0 NA 0 0
TX : 20 NA 42 29
WA : 0 NA 0 0
:
18 Sts: 6 NA 13 11
————————————–
1/ These 18 States planted 89% of
last year’s winter wheat acreage.

Winter Wheat: Crop Condition
by Percent, Selected States
Week Ending Apr 18, 2010
————————————–
State : VP : P : F : G : EX
————————————–
: Percent
:
AR : 2 5 48 37 8
CA : 0 0 5 20 75
CO : 0 3 20 52 25
ID : 0 0 13 70 17
IL : 12 19 33 34 2
IN : 0 3 29 55 13
KS : 1 4 24 58 13
MI : 1 6 17 60 16
MO : 10 16 38 33 3
MT : 1 6 30 53 10
NE : 0 5 29 60 6
NC : 4 13 39 40 4
OH : 1 2 25 53 19
OK : 1 3 22 60 14
OR : 0 5 42 42 11
SD : 0 2 19 67 12
TX : 2 7 30 48 13
WA : 1 5 18 61 15
:
18 Sts : 1 5 25 55 14
:
Prev Wk : 1 5 29 53 12
Prev Yr : 13 14 30 36 7
————————————–

VP-Very Poor, P-Poor, F-Fair, G-Good, EX-Excellent.
National crop conditions for selected States are weighted based on 2009
planted acreage.

Crop Progress and Condition Survey and Estimating Procedures

Survey Procedures: Crop progress and condition estimates are based on survey
data collected each week from early April through the end of November. The
non-probability crop progress and condition surveys include input from
approximately 5,000 reporters whose occupations provide them opportunities to
make visual observations and frequently bring them in contact with farmers in
their counties. Based on standard definitions, these reporters subjectively
estimate progress of farmers’ activities and progress of crops through
various stages of development. They also provide subjective evaluations of
crop conditions.

Most reporters complete their questionnaires on Friday or early Monday
morning and submit them to the National Agricultural Statistics Service
(NASS) Field Offices in their States by mail, telephone, fax, e-mail, or
through a secured internet website. A small number of reports are completed
on Thursday, Saturday, and Sunday. Regardless of when questionnaires are
completed, reporters are asked to report for the week ending on Sunday. For
reports submitted prior to the Sunday reference date, a degree of uncertainty
is introduced by projections for weekend changes in progress and condition.
By the end of the 2001 season, nearly two-thirds of the data were being
submitted through the internet website. As a result, about one-half of all
data are submitted on Monday morning, significantly reducing projection
uncertainty.

Reporters are sent written reporting instructions at the beginning of each
season and are contacted periodically to ensure proper reporting. Terms and
definitions of crop stages and condition categories used as reporting
guidelines are available on the NASS website at:

www.nass.usda.gov/Publications/National_Crop_Progress/terms_definitions/index
.asp.

Estimating Procedures: Reported data are reviewed for reasonableness and
consistency by comparing with data reported the previous week and data
reported in surrounding counties for the current week. Each State Field
Office summarizes the reported data to district and State levels, weighting
each county’s reported data by NASS county acreage estimates. Summarized
indications are compared with previous week estimates, and progress items are
compared with earlier stages of development and historical averages to ensure
reasonableness. Weather events and reporter comments are also taken into
consideration. State estimates are submitted to the Agricultural Statistics
Board (ASB) along with supporting comments, where they are compared with
surrounding States and compiled into a National level summary by weighting
each State by its acreage estimates.

Revision Policy: Progress and condition estimates in the Crop Progress
report are released after 4:00 pm ET on the first business day of the week.
These estimates are preliminary and subject to corrections or updates in the
Weekly Weather and Crop Bulletin that is released after 12:00 pm ET on the
second business day of the week. These estimates are subject to revision the
following week.

Crop Progress and Condition Tables Expected Next Week

Barley – Planted, Emerged
Corn – Planted, Emerged
Cotton – Planted
Oats – Planted, Emerged
Rice – Planted, Emerged
Sorghum – Planted
Spring Wheat – Planted, Emerged
Sugarbeets – Planted
Winter Wheat – Headed, Condition

ACCESS TO REPORTS!!

For your convenience, there are several ways to obtain NASS reports, data
products, and services:

INTERNET ACCESS

All NASS reports are available free of charge. For free access, connect to
the Internet and go to the NASS Home Page at: www.nass.usda.gov.

E-MAIL SUBSCRIPTION

All NASS reports are available by subscription free of charge direct to your
e-mail address. Starting with the NASS Home Page at www.nass.usda.gov, under
the right navigation, Receive reports by Email, click on National or State.
Follow the instructions on the screen.

– - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - –

PRINTED REPORTS OR DATA PRODUCTS

CALL OUR TOLL-FREE ORDER DESK: 800-999-6779 (U.S. and Canada)
Other areas, please call 703-605-6220 FAX: 703-605-6880
(Visa, MasterCard, check, or money order acceptable for payment.)

– - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – - – -

ASSISTANCE

For assistance with general agricultural statistics or further information
about NASS or its products or services, contact the Agricultural Statistics
Hotline at 800-727-9540, 7:30 a.m. to 4:00 p.m. ET, or e-mail:
nass@nass.usda.gov.

The U.S. Department of Agriculture (USDA) prohibits discrimination in all its
programs and activities on the basis of race, color, national origin, age,
disability, and where applicable, sex, marital status, familial status,
parental status, religion, sexual orientation, genetic information, political
beliefs, reprisal, or because all or a part of an individual’s income is
derived from any public assistance program. (Not all prohibited bases apply
to all programs.) Persons with disabilities who require alternative means
for communication of program information (Braille, large print, audiotape,
etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD).

To file a complaint of discrimination, write to USDA, Director, Office of
Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or
call (800) 795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal
opportunity provider and employer.

Brazil to lift soy sowings despite tumbling prices

Brazil’s soybean farmers will plant their highest-ever acreage next season, despite growing pest problems and soaring fertilizer and transport costs.

Soybean growers in the world’s second ranked producing country will raise sowings by about 100,000 hectares to 23.3m hectares for 2010-11, matching a record set six years before, a report from the US Department of Agriculture’s Brasilia bureau said.

Despite sugar prices firm by historic standards, even after their recent collapse, and the cotton market remaining strong, soybeans “will remain the favoured crop due to [their] market liquidity”.

“A very limited amount of soybean acreage will be converted to sugarcane,” the briefing said.

Profit squeeze

The increase defies a fall in soybean prices to their lowest last month since August 2007, undermined by expectations of record South American production, while many of farmers’ bills have soared.

Fertilizer costs have jumped by 20% over the past month and “continue to rise”, the report said, adding that trucking rates had jumped by up to 50% this season thanks to a squeeze on capacity.

“High transportation costs continue to significantly affect producers’ profitability,” the briefing said, adding that infrastructure improvements such as new road and rail routes were failing to keep up with production growth.

Furthermore, farmers needed to make “significant investments” in sprays to keep pests until control.

“Lack of crop rotation practices in the North and Northeast regions has amplified disease and pest occurrences,” the bureau said.

The report pencilled in Brazil’s soybean production next year hitting 67.5m tonnes, in line with the record for 2009-10 as estimated by official USDA forecasts.

Relatively firm market

The data comes as US farmers are starting work on soybean plantings expected to rise by 647,000 acres to a record 78.1m acres.

Soybean prices, while down some 7% in Chicago this year, have fared better than those for corn and wheat, supported by strong Chinese demand for crop and some difficulties for South American producers in getting their crop onto vessels.

Nonetheless, the bureau is more upbeat than the USDA itself on the Brazil’s soybean export hopes, pegging them at a record 28.5m tonnes this season, supported by Chinese orders.

The USDA on Friday forecast Brazil’s 2009-10 shipments at 26.3m tonnes.

04/09 07:38a CST DJ USDA Report: Summary For April Supply/Demand Report

CHICAGO (Dow Jones)–The following table is provided as a service to Dow
Jones Newswires subscribers in conjunction with the U.S. Department of
Agriculture’s April supply and demand report.

The report was released Friday.

U.S. estimates are in billions of bushels except soyoil, which is in
billions of pounds. Soymeal is in short tons. Cotton is in millions of
480-pound bales. Rice is in million hundredweight. World crop forecasts are in
millions of metric tons.

USDA U.S. Grain, Cotton Carryout

Friday 2009-10 March
2009-10 Analyst 2009-10
estimate estimate USDA

Soybeans 0.190 0.209 0.190

Corn 1.899 1.909 1.799

Wheat 0.950 1.001 1.001

Soyoil 2.637 n/a 2.637

Soymeal 300,000 n/a 300,000

Cotton 3.00 3.05 3.20

Rice 32.3 n/a 40.8

USDA World Carryover

Friday March
2009-10 2009-10
estimate estimate

Wheat 195.8 196.8

Corn 144.2 140.2

Rice 90.2 90.93

Cotton 50.91 51.41

Soybeans 62.96 60.67

Soymeal 5.68 5.40

Soyoil 2.82 2.89

USDA World Grain Production

Friday March
2009-10 2009-10
estimate estimate

China corn 155.0 155.0

South Africa corn 14.0 13.5

Argentina corn 21.0 21.0

Australia wheat 22.5 22.5

Argentina wheat 9.6 9.6

EU 27 wheat 138.1 138.1

Canada wheat 26.5 26.5

China wheat 114.5 114.5

Russia wheat 61.7 61.7

Ukraine wheat 20.9 20.9

Brazil soybeans 67.5 67.0

Argentina soybeans 54.0 53.0

China soybeans 14.5 14.5

-By Angie Pointer, Dow Jones Newswires; 312-750-4075;
angie.pointer@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today’s most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/access/al?rnd=UPb%2F9fYALVDwVX7DjlbsHg%3D%3D. You can
use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

April 09, 2010 08:38 ET (12:38 GMT)
Copyright (c) 2010 Dow Jones & Company, Inc.

[Related Stories]

The risk of loss in trading futures and options can be substantial, therefore only genuine “risk” funds should be used in such trading. Futures and options may not be a suitable investment for all individuals and individuals should carefully consider their financial condition in deciding whether to trade. Past performance is not indicative of future performance results.

The information in this email may be confidential and/or legally privileged. It is intended solely for the addressee. Access to this email by anyone other than the addressee is unauthorized. If you are not the intended recipient, please contact the sender and destroy any copies of this message and any attachments. Any unauthorized use or dissemination or any action taken or omitted to be taken in reliance on it, is prohibited and may be unlawful. This communication is neither an offer to sell nor a solicitation of an offer to buy any security or other investment product.

China’s oil demand increase ‘astonishing’, says IEA
oil worker
Oil is trading at more than $82 a barrel

China’s demand for oil jumped by an “astonishing” 28% in January compared with the same month a year earlier, the International Energy Agency (IEA) says.

The body added that demand for oil in 2010 would be underpinned by rising demand from emerging markets, with half of all growth coming from Asia.

But the IEA predicted demand in developed countries would fall by 0.3%.

The IEA has increased its global oil demand forecast for 2010 by 1.8% to 86.6 million barrels a day.

Oil prices were above $83 a barrel earlier today, the highest in two months, but dropped back to closer to $80 in late afternoon trading.

The IEA said the high price level was due to “heightening of geopolitical tensions affecting some producing countries”, but that this had been balanced by “ample physical oil supplies”.

Crude oil production by countries in the oil producers’ cartel Opec rose to a 14-month high of 29.2 million barrels a day in February.

During February, Iraq pumped an extra 115,000 barrels a day.

Opec is due to meet on 17 March and the IEA expects it will maintain its current production targets.

CANADIAN MARKETS

April 6, 2010, 12:37 p.m. EDT
Canadian stocks see-saw as oil prices waver
By Deborah Levine, MarketWatch
A previous version of this story gave the incorrect historical comparison for the previous session’s closing level on the TSX. It has been corrected.

NEW YORK (MarketWatch) – Canadian stocks struggled to hold onto gains Tuesday, taking their cue from crude-oil prices, whose recent gains have supported Canadian companies linked to one of the nation’s key exports.

A rise in oil prices earlier also helped the Canadian dollar trade on par with the U.S. currency for the first time since July 2008. Stocks were also under slight pressure, in sympathy with U.S. markets, amid renewed concerns about how Greece will address its deficits.

TODAY’S TOP MARKET STORIES

S&P 500 (1 YEAR)

1,2001,1001,000900800
10MJSNF

• Market Snapshot: U.S. stocks in focus
• Today’s biggest advancing, declining stocks
• Sign up for free, breaking-news email alerts

Equities by Sector
• Technology stocks | Energy stocks
• Metals stocks | Retail stocks
• Financials | Airline stocks | Pharma and Biotech

More on Markets
• Bond Report | Oil News | EarningsWatch
• Currencies | Market Data | Economic Calendar
• See all the latest markets video
The S&P/TSX Composite Index (TSX:CA:ISPTX) bounced around in midday trade, recently falling 5 points to 12,181.9. Earlier it rose as high as 12,200. Monday’s closing price was the highest since September 2008.

Crude oil for May delivery turned lower to $86.59 a barrel on the New York Mercantile Exchange. The contract earlier hit an intraday high of $87.15 a barrel in electronic trading. It closed Monday at the highest since October 2008. Read about oil futures.

Gold for June delivery added $3.7 a share to $1,137.5 an ounce. See more on gold.

Among the biggest decliners on the Toronto exchange, Jinshan Gold Mines (TSX:CA:JIN) fell 6.2% and Copper Mountain Mining (TSX:CA:CUM) lost 2.1%. Questerre Energy Corp. (TSX:CA:QEC) declined 3.9%.

In foreign exchange markets, the greenback fell about 0.2% to buy C$1.0006. It fell as low as 99.87 Canadian cents earlier in the session, according to FactSet Research. Read more in Currencies.

The last time the Canadian dollar was on par with the U.S. currency was briefly after oil hit its all-time highs around $147 a barrel.

The inability to solidly push through C$1 could be due to trader positioning, said Kathy Lein, director of currency research at Global Forex Trading.

“It should just be a matter of time before the Canadian dollar makes a concerted move above parity because the economy has been improving, inflation is still low and the central bank has become more tolerant of a strong currency,” she wrote in a note.

Broadband-network firm Sandvine Corp. (TSX:CA:SVC) released its first-quarter results, saying it recorded $21.9 million in revenue and net income of $600,000. Sandvine shares jumped 10%.

In corporate news, CGI Group Inc. (TSX:CA:GIB.A) , which provides information technology and business process services, announced a 3-year contract with Telekomunikacja Polska Group, known as TP Group, a Polish telecommunications provider. CGI’s shares were up fractionally.