Canadian dollar fallsClick image to enlarge

The Canadian dollar dropped to its lowest level since January 4, falling 0.7 per cent to $1.3439 versus the U.S. dollar and reducing its climb for 2019 to 1.5 per cent.

The fall comes after the Bank of Canada abandoned its position that interest rates would need to rise as economic growth cooled. The BoC left its benchmark rate at 1.75 per cent midweek, citing “increased uncertainty about the timing of future rate increases,” reports Bloomberg News. The market has now virtually ruled out a rate hike this year and in fact expectation is growing that the rate will be cut by mid-year, based on Bloomberg data.

“They sound less convinced about the next hike,” said Win Thin, global head of currency strategy at Brown Brothers Harriman, as reported by the Ottawa Citizen. “If the data continues to come in weak, they may have to switch to a neutral bias. The data has added to the gloom.”

The BoC’s reversal on a rate hike came as the economy slowed almost to a halt in the fourth quarter.

Joint machine tool open house draws crowds

The Joint Open House, an annual event organized by Canadian machine tool distributors, was once again, a big success among manufacturers drawn to the event to see the more than 60 CNC machine tools under power.

Tekna announces $5.5M expansion of Quebec metal powder production plant

Canadian advanced material powder manufacturer Tekna has announced the expansion of its second plant and its new manufacturing infrastructure in Sherbrooke, Quebec.

Welders among high paying jobs that don't need a degree

Welders, pipe fitters and electricians are cited in a Workopolis survey among the high paying jobs in Canada that don't require a university degree.

Unique truck to be auctioned off for charity

A Saskatoon, SK, machine shop that built an innovative truck to raise funds for a children's hospital is now hoping to raise even more funds when the truck becomes the first ever Canadian charity vehicle to be auctioned off at the Barrett Jackson auction in Scottsdale, AR, in January.

Named the "Snakebit F-100", it made its North American debut at SEMA, the largest automotive aftermarket parts show in the world, held in Las Vegas, NV, earlier this month. The vehicle was displayed at Ford's booth at SEMA. 

Read the story behind the creation of the Snakebit F-100 truck.

 

Röhm names new CEO for North American division

Röhm GmbH, a manufacturer of workholding technology, has appointed David Jackson to the CEO for Röhm Products of America, the company’s North American division.

$100 million for manufacturing: Harper election promise

Prime Minister Stephen Harper says if the Conservatives are re-elected, the government will create a $100 million Manufacturing Technology Demonstration Fund to support projects in advanced manufacturing. Harper's election promise is the latest in a slew of promises from federal party leaders about how they plan to support manufacturing in Canada if their respective governments are elected.

Machine Tool Systems adds Solukon to roster

Toronto-based additive manufacturing (AM) solutions distributor Machine Tool Systems Inc. has added German powder removal machine maker Solukon Maschinenbau to its roster of machines available to the Canadian market.

$300,000 for BC welding programs

BC high schools with welding programs are getting a $300,000 boost after the Canadian Welding Association Foundation (CWA Foundation) announced it's expanding secondary school welding and education support programs across the province because of a donation from the Dennis and Phyllis Washington Foundation in conjunction with Seaspan, an association of Canadian companies in the coastal marine transportation and shipbuilding sectors.

Decision on anti dumping measures is pending: Bains

The federal government plans to make a decision on safeguards against steel dumping in the coming weeks, Economic Development Minister Navdeep Bains said Friday.

Canadian drone delivery company names first commercial customer

Drone Delivery Canada (DDC), a newly launched Canadian company that delivers goods by aerial drone, has announced its first commercial client.

Jeff Krause new head for SME

Jeffrey M. Krause has been named the new executive director and CEO for SME, based in Dearborn, MI.

Weiner schnitzel, beer and metal fabricating

TRUMPF holds biggest industry event in its history at German headquarters

By Mary Scianna

Given the economic upheaval the global manufacturing sector has witnessed in recent years and the continued uncertainty about a rebound, you would not expect to see much interest among manufacturers for investment in new technologies.

$11 M expansion for Quebec aerospace manufacturing shop

Alta Precision, a Montreal machine shop serving the aerospace manufacturing industry, has doubled its operation to meet growing demand. The modernized $11 million project has seen the CNC manufacturing business go from 40,000 sq ft to 80,000 sq ft. The company held an inauguration on June 21. Alta Precision will be featured in Shop Metalworking Technology's upcoming August issue.

Translas opens Canadian division

Translas has launched a Canadian division.

CME’s election ‘Asks’: lower cost of doing business, increase exports

Canadian Manufacturers & Exporters has released its 2021 electoral platform, detailing what it believes Canada’s manufacturing sector needs from the nation’s political leaders.

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