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Scotiabank Comments on the Canadian Dollar, Oil Decoupling

The relationship between the Canadian dollar (CAD) and oil prices has weakened "materially" over the past decade, and the current episode is no exception, said Scotiabank.Despite a sharp rise in oil prices amid the Iran war, the CAD response has been largely muted, noted the bank.The apparent decoupling does not imply the relationship has disappeared, stated Scotiabank. There remains a meaningful underlying link between oil and the CAD, but not all oil shocks matter equally.The bank's analysis showed the CAD responds significantly more to demand-driven oil price increases than to supply-driven ones.Once the source of oil price movements is taken into account, the decoupling is largely explained, according to Scotiabank. Controlling for oil supply versus demand shocks, alongside interest-rate differentials and broad US dollar (USD) dynamics, fully accounts for the decline in the oil-CAD correlation, without the need to invoke time-varying elasticities or structural breaks.The CAD upside remains limited in supply-led oil rallies, added the bank. By and large, the combination of supply-driven oil gains, weak global demand, and US dollar safe-haven flows argues for a subdued CAD response in the current environment.

$CAD$CXY$USD

Mining & Metals68d ago

TSX Down 20 Points at Midday With Most Sectors Higher

The Toronto Stock Exchange is down 20 points at midday, with most sectors in the green.Telecoms and info tech the best performers, up 1.5% and 1.3%, respectively.In Canada, the focus was on the release of existing home sales data for March."Clearly, the market continues to struggle amid several headwinds, including soft job markets, economic uncertainty, falling population growth, and strained affordability," TD Economics said after a "soft" performance in Canadian home sales for March, following four straight monthly declines. TD added: "With these challenges in place, 2026 is shaping up to be another modest year for Canadian housing. Loose supply/demand balances should keep downwardly pressuring prices in B.C. and Ontario. Elsewhere, price growth should be firmer, but likely cool as the year progresses."New listings were also flat during the month. With new listings and sales both barely moving, the sales-to-new listings ratio stayed at 47.8% in March. "This is well below the long-term average and signals modest price growth moving forward", TD said.Average home prices were also flat in March, while the MLS home price index, a more 'like for like' measure, declined 0.4% m/m, and was down 4.7% on a year-on-year basis. Prices for detached units were down 0.3% m/m, while condo prices fell 0.9% m/m.The Canadian Real Estate Association (CREA) on Thursday cut its home sales growth forecasts for this year amid a "tepid" start to the year for the economy and higher odds of a Bank of Canada rate hike later this year to tame inflation resulting from the oil price spike. Some 474,972 residential properties are forecast to be sold in 2026, a 1% increase over 2025, CREA wrote. This is below the 5.1% increase forecast that it released in January. The national average home price is forecast to rise 1.5% on an annual basis to $688,955 this year, less than the 2.8% growth CREA saw in January. In 2027, national home sales are forecast to climb a further 2.1% to 485,071 units. This could be revised above the 500,000 mark should higher interest rates prove unnecessary to fight inflation, added CREA.In company news, First Capital REIT (FCR-UN.TO) is to be acquired by Choice Properties REIT (CHP-UN.TO) and and KingSett in a cash and units deal valued at $9.4 billion. The transaction also involves George Weston (WN.TO).

S&P/TSX CompositeS&P/TSX Composite$CHP-UN.TO$FCR-UN.TO

Mining & Metals68d ago

CIBC Confirms Neutral Rating on Allied Properties REIT and Raises Target to $11

CIBC Capital Markets maintained its neutral rating on the units of Allied Properties Real Estate Investment Trust (AP-UN.TO) and increased its target price to $11.00 from $10.50.The bank said the company's units have "significantly outperformed" the market in recent weeks. Its $11.00 price target is based on 10.6x 2027 FFO/u estimate, implying a 1% premium to its revised net asset value estimate."We believe management and board changes have begun to alter AP's leasing approach, which we expect will help it deliver on its three-year outlook," said analyst Tal Woolley. "We think units can continue to run here due to some possible speculative factors, but we expect the operational recovery to be a multi-year process, consistent with what AP laid out following Q4 results and the $560MM equity offering."CIBC believes the market is "either expecting a quicker fundamental turnaround or there may be some speculative factors at play"."Sufficiently chastened by the Q3/25 reporting experience (units ran up, then dropped -17%), we advise caution in aggressively chasing AP units here, as we do not expect to see a clear turn in operating performance until late 2026," added Woolley. "This is consistent with AP's 3-year outlook. AP: the financial recovery will take time."The bank also noted that in the management circular, the board made significant downward discretionary adjustments to executive incentive compensation. It also believes the reconfigured C-suite will see "more success" with a more flexible leasing strategy.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $11.27, Change: $+0.59, Percent Change: +5.52%

$AP-UN.TO

Mining & Metals68d ago

CIBC Provides Q1 Preview for Shopify; Says Strong Quarter And 2026 Outlook Expected

CIBC Capital Markets reiterated its outperformer rating and its US$185 price target on the shares of Shopify (SHOP.TO, SHOP), as it provided first quarter preview for the company.Shopify reports Q1 results on May 5 followed by a conference call, said CIBC.CIBC expects SHOP to meet or beat Q1 consensus and provide constructive Q2 guidance, supported by strength in payments, new merchant adds, and Europe."Our alt data reinforces this view and suggests Q1 momentum is extending into early Q2: Plus merchants we track saw web-traffic growth accelerate to ~25% Y/Y in April (vs. 20% in Q1 and ~17% last quarter; through Apr 11)," said CIBC.It added that this supports upside to GMV and positions SHOP to exceed revenue growth and FCF margin expectations."Our outlook assumes faster Merchant Solutions growth (offsetting slower Subscription Solutions), supported by CIBC alt-data trends for Plus merchants, EMEA momentum, enterprise and retail POS adoption, and AI integrations," added CIBC. "Key offsets include mix-driven gross margin pressure (Payments) and higher opex from reinvestment in R&D and S&M; we also assume a higher tax rate in Q1 that normalizes later in 2026."It noted that, since March 2025, SHOP has beaten consensus by ~3% on revenue and ~4% on FCF, on average. CIBC said that a key risk remains execution against FCF margin guidance in the low-to-mid-teens, with FactSet aligned currently implying it will be below Q1/25."Our price target is (US)$185, based on 12x our 2027E sales forecast plus cash and its equity stake in Flexport," added CIBC. "SHOP's Rule of X (2x growth + FCF margin) continues to screen near the top of comparable constituents in the BVP NASDAQ Emerging Cloud Index, supporting a premium multiple."Price: $176.40, Change: $+1.21, Percent Change: +0.69%

$SHOP$SHOP.TO

Mining & Metals68d ago

CIBC Raises Enerflex's Price Target to US$25.50 from US$16.75

CIBC Capital Markets on Wednesday reiterated its neutral rating on the shares Enerflex (EFX.TO, EXFT) while raising its price target to US$25.50 from US$16.75 ahead of the company's first-quarter results.CIBC said it raised the price target towards the high-end of Enerflex's historical trading range of 7.0x 2026E EV/EBITDA, which is further supported by its sum-of-the-parts analysis of the earnings generation for the company.According to CIBC, the company's earnings stability along with the potential for growing power generation revenue, should see the shares trade at an expanded multiple versus prior."We believe the prospect of increasing revenues associated with power generation projects will drive an improved valuation metric for Enerflex moving forward," CIBC said. "Increasing demand for natural gas amidst the North American LNG export buildout, and expansion of data centers, remains supportive for the company's service offerings."Amid its optimistic outlook for Enerflex, CIBC noted that the company continues to generate a meaningful amount of EBITDA from jurisdictions that carry higher levels of geopolitical risk.Price: $32.42, Change: $+0.40, Percent Change: +1.25%

$EFX.TO$EXFT

Mining & Metals68d ago

Wedbush Refines Fennec Pharmaceuticals Estimates Ahead of Q1 Earnings

Wedbush is refining its its 2026 estimates for Fennec Pharmaceuticals (FRX.TO) ahead of the company reporting its fiscal first-quarter results."While we believe underlying demand trends remain intact, we are refining our 2026 estimates to reflect anticipated seasonality and the near-term impact of recent commercial reinvestment. Given onboarding and ramp dynamics, we do not expect meaningful contribution from new hires until 2H26 and anticipate limited sequential growth in 1H26," writes analyst David Nierengarten, who is maintaining an outperform and US$13.00 price target on the stock.Nierengarten forecasts first-quarter Pedmark revenue of US$13. million (~flat q/q), with a similar setup in the second quarter, before growth reaccelerates in the second half of the year as sales force productivity improves and the adolescent and young adult (AYA) penetration builds. (Pedmark is an injection used to lower the risk of hearing-loss induced by cisplatin chemotherapy)For fiscal 2026, Nierengarten expects Pedmark revenue of ~US$62 million (+39% y/y), with the back-half weighting driven by incremental contribution from new commercial hires."We continue to view Pedmark as a durable growth asset with a clear path to re-acceleration in 2H26, with FENC on track to achieve cash flow positivity in 2026, supporting a constructive outlook on shares."Price: $8.75, Change: $+0.10, Percent Change: +1.16%

$FENC$FRX.TO

Mining & Metals68d ago

Coyote Copper Mines Up 28% as it Starts Exploration Work on New Sulphide Copper Zone

Coyote Copper Mines (CCMM.V) shares rose 28% on Thursday after it announced the start of work on a newly discovered zone, with exposed copper sulphide mineralization and magmatic breccias within the Copper Triangle of Arizona.The company said channel samples are being cut with a diamond saw and dispatched to American Assayers Laboratories in Sparks, Nevada for analysis.Recent field efforts have led to the identification of a new mineralized zone, which includes a breccia pipe referred to as the Maher Breccia. It said broader zone remains under active evaluation, with current project mapping indicating a strike length of more than 4 km and a width exceeding 600 m.Shares of the company were last seen up $0.055 to $0.25 on the TSX Venture Exchange.Price: $0.25, Change: $+0.06, Percent Change: +28.21%

$CCMM.V

Mining & Metals68d ago

Nouveau Monde Raises US$96.5 Million in Bought Deal Offering of Subscription Receipts

Nouveau Monde Graphite (NOU.TO, NMG) Thursday said it raised US$96.5 million in its bought-deal offering of 52.4-million subscription receipts priced at US$1.84 apiece.Each subscription receipt can be exchanged for one share when certain conditions are met, including the completion of a private placement of US$213 million, which is expected to occur on May 15.Proceeds from the financing will be used to fund the Phase 2 development of Matawinie Mine and position the company to advance to a final investment decision (FID) and construction.Nouveau Monde shares were last seen up $0.05 to $2.73 on the Toronto Stock Exchange.Price: $2.75, Change: $+0.07, Percent Change: +2.43%

$NMG$NOU.TO

Mining & Metals68d ago

RBC Maintains Seabridge Gold's Outperform Rating, US$71.00 Price Target, Following Snip North MRE

RBC Capital Markets on Wednesday maintained its outperform, speculative risk, rating on the shares of Seabridge Gold (SEA.TO, SA) its US$71.00 price target after the company released a maiden resource estimate (MRE) for the Snip North deposit within the Iskut project in British Columbia's Golden Triangle region.The estimate showed the deposit contains measured and indicated resources of 9.5-million ounces of gold grading 0.47 grams per tonne (g/t), 29.5-million ounces of silver at 1.45 g/t silver, and 959-million pounds of copper grading 0.07% copper.Recent drilling indicates a strike length of 2.1 kilometers, 0.6 km of depth and up to 0.7 km in width. The deposit remains open at depth to the northwest and along strike to the north and west, RBC said.The Iskut project is being renamed as the Bronson corridor project and comprises two deposits, Bronson Slope and Snip North. An initial resource for Bronson Slope released in 2024 outlined an inferred resource of 5.4-million ounces of gold, 1.06-billion pounds of copper and 45-million ounces of silver.Price: $43.03, Change: $+0.27, Percent Change: +0.63%

$SA$SEA.TO

Mining & Metals68d ago

FireFox Gold Reported Remaining Results from 2025 Drilling at Sarvi Project in Lapland, Finland

FireFox Gold (FFOX.V) on Thursday reported the results from the remaining three holes of the 2025 reconnaissance drill program at the company's 100%-held Sarvi gold project in Lapland, Finland.The company said that the target concept for this small reconnaissance drill program was to examine interpreted regional scale structures cutting through discrete magnetic highs and magnetic gradients in the Keulakko permit on the western side of the project area.The company further said that drill hole 25SA002 was drilled as part of a northeast-southwest oriented fence testing a structural-magnetic corridor located 250 to 500m east of the GTK holes. It stated that the drill hole 25SA002 encountered a narrow gold mineralized interval yielding 1.0 metre at 2.68 g/t Au from 51.5 metres downhole depth.It added that the drill holes 25SA004 and 25SA005 were collared approximately 480 metres east from drill hole 25SA003. These holes were drilled in a fence towards the southwest direction and targeted interpreted regional scale structures, said the company and added that hole 25SA005 returned a single interval of low-grade gold.The company plans to follow up this scouting drill program with additional surface sampling, detailed geophysical surveying and drilling later this year.The company's shares were last seen unchanged at $0.64 on the TSX Venture Exchange.

$FFOX.V

Mining & Metals68d ago

Arya Resources Increases Flow-Through Financing to $2.19M

Arya Resources (RBZ.V) on Thursday said it increased the flow-through component of the previously announced non-brokered private placement to $2.19 million, from $2 million.The company said the upsized flow-through component will now consist of up to near 4.4-million flow-through common shares (FT shares) at $0.50 per FT share."We initially capped the flow-through financing at $2.0 million, with only a modest increase to $2.19 million to manage dilution prudently," said Arya Resources Chief Executive Rasool Mohammad. "While demand was strong, we elected not to accept additional subscriptions to maintain a disciplined capital structure and minimize dilution to our shareholders."The proceeds from the FT shares will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" and will be renounced to subscribers with an effective date no later than Dec. 31, 2026. Funds will be directed toward the continued advancement of its Saskatchewan exploration projects, including the Wedge Lake Gold project and the Dunlop Nickel-Copper-Cobalt project.Shares of the company were last seen unchanged at $0.45 on the TSX Venture Exchange.

$RBZ.V

Mining & Metals68d ago

Nouveau Monde Graphite Announces Closing of US$96.5 Million Equity Public Offering

$NOU.TO

Mining & Metals68d ago

Vizsla Copper Down Near 3% Even As Secures Drill Permit for Copperview Project in British Columbia

Vizsla Copper (VCU.V) was down near 3% early Thursday even as it received an exploration permit for the Copperview project in British Columbia.Among highlights, Vizsla said the five-year multi-year area based permit allows the company to drill at multiple sites and conduct limited construction and modification of exploration access trails.Vizsla said planning is underway for a drill program later in the year, focusing on evaluating the porphyry-related copper potential of the previously undrilled M5 target, which the company has refined through systematic exploration programs over the last two years."We look forward to announcing more detailed drilling plans in due course, which we anticipate commencing this fall," Executive Chairman and Chief Executive Officer Craig Parry said.Price: $1.32, Change: $-0.04, Percent Change: -2.94%

$VCU.V

Mining & Metals68d ago

Smooth Rock Ventures Up Near 6% As Launches 2026 Exploration Program on Giroux Project

Smooth Rock Ventures (SMRV.V) was at last look up near 6% after announcing Thursday the launch of its 2026 exploration program on the Giroux project, positioned within Nevada's Walker Lane shear zone.The company said the 2026 program is building off its previously successful exploration programs that returned up to 1% nickel, 23.5 grams per tonne (g/t) gold, 7.67% copper and 9.87 g/t silver from three outcrops and an old mine dump, respectively. Historical regional sampling programs by previous operators further confirmed the property's merit, with prior geophysical surveys on the property, indicating several potential drill targets, it added.The 2026 Giroux exploration program will consist of reconnaissance prospecting, detailed geological mapping, surface trenching, systematic sampling, and the relocation of numerous historical workings. The company said this reconnaissance program will provide accurate modern data to assist in the planning of an initial drill program, "bringing Giroux one step closer to realizing its resource potential."Shares of the company were last seen up 5.8% at $0.365 on the TSX Venture Exchange.Price: $0.37, Change: $+0.02, Percent Change: +5.80%

$SMRV.V

Mining & Metals68d ago

LEEF Brands Climbs On HIMALAYA

Cannabis company LEEF Brands (LEEF.CN) on Thursday said it entered into an agreement to acquire Standard Holdings, Inc., the parent company of HIMALAYA VAPOR, a California-based cannabis concentrates brand."The acquisition strengthens LEEF's vertical integration strategy by pairing one of California's most efficient cultivation and extraction platforms with a top-tier consumer brand," said the company.LEEF said it will acquire HIMALAYA for around 13.688 million common shares of the company, which includes management incentive shares, and will issue warrants with an aggregate value of US$100,000 priced at C$0.25 per share, representing total consideration of approximately US$2.5 million.It added that, by integrating HIMALAYA into its platform, LEEF expects to immediately improve unit economics by lowering input costs and generate "meaningful" free cash flow from HIMALAYA during its first year of combined operations.Micah Anderson, Chief Executive Officer of LEEF Brands, said: "This is exactly the type of acquisition we are focused on: a premium, authentic brand with strong customer loyalty that we can scale more efficiently through our vertically integrated infrastructure. Having worked with the HIMALAYA team for over five years, we have strong conviction in both the brand and its leadership, which further reinforces our confidence in this partnership. By leveraging low-cost inputs from Salisbury Canyon Ranch, we believe we can significantly improve margins while expanding distribution across California and into new markets over time."Price: $0.22, Change: $+0.01, Percent Change: +4.88%

$HMMJ.TO$LEEF.CN

Mining & Metals68d ago

TSX Up Another Near 160 Pts; Now Within About 250 Pts Of All Time Closing High Level After 10 Up Days In Last 11

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Mining & Metals68d ago

Cygnus Provides High-Grade Drill Results from Golden Eye Deposit in Quebec

Cygnus Metals (CYG.V) reported overnight Wednesday high-grade drill results from the Golden Eye deposit within its Chibougamau copper-gold project in Quebec.It said the latest results from infill drilling include "significant" high-grade intersections of up to 105.5g/t AuEq over 1.0m. It added these high-grade gold intercepts are complemented by impressive copper grades of up to 11.9% over 0.8m, plus silver grades of up to 142g/t over 0.8m.Cygnus said the results highlight the strong potential to grow the indicated resource as well as the scope for further extensions."These results are some of the best intervals recorded at the Golden Eye deposit which is unmined, near surface and has existing infrastructure in place," Cygnus Executive Chairman David Southam said.The company said it will include the results for the next resource update at Golden Eye.Cygnus said exploration continues across multiple targets, including a detailed induced polarization survey at the Joe Mann property, as it seeks to generate walk up drill targets.

$CYG.V

Mining & Metals68d ago

Earnings Flash (DB.V) Decibel Cannabis Reports Q4 Revenue $28.7M, Up 13% YoY

$DB.V

Mining & Metals68d ago

Earnings Flash (SUGR.V) Sucro Limited Reports Q4 Revenue US$149.4M, Down 6.7% YoY; Net Income $11.552M

$SUGR.V

Mining & Metals68d ago

Zacatecas Silver Completes Surface Sampling and Mapping Program at Oso Negro Project, Mexico

Zacatecas Silver (ZAC.V) on Thursday said it completed its initial rock-chip sampling program at the Oso Negro project, located in Sonora, Mexico.The company in a statement said the program was completed in March 2026 over the course of five days and samples have been dispatched to ALS for analysis with an expected turn around of four to six weeks.It added 156 rock-chip grab samples were taken from three out-cropping low sulphidation veins with cumulative strike length of over 2 kilometres. Veins are up to 3m wide, multiphase with common veins breccias and pervasive iron oxides after sulphides. It also said that the quartz and vein textures are typical of the uppermost levels of a low sulphidation system, indicating that if present, the boiling and thus precious metal mineralization will be preserved below.Zacatecas said the rock chip sampling has demonstrated a "robust" low sulphidation vein system, characterized by over two strike kilometers of multiphase, brecciated, iron-oxide stained and infilled, upper level veins."This initial mapping and sampling program is the first step in systematically advancing the portfolio, starting with our highest-conviction target," said Zacatecas Silver Chief Executive Eric Vanderleeuw. "As we integrate results, we expect to rapidly define drill targets at Oso Negro while continuing to unlock value across the broader portfolio."Shares of the company closed down 6.3% at $0.075 on Wednesday on the TSX Venture Exchange.

$ZAC.V

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Mining & Metals68d ago

TSX Down 20 Points at Midday With Most Sectors Higher

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