The stock of (CNQ) pushed substantially higher this winter, clearing major psychological resistance at $50, before pulling back in healthy-correction fashion.

Further, given the better than 50% gain, if you bought Canadian Natural Resources when first discussed here at the split-adjusted price of $31.80 on May 24, 2010, now may be a good time to consider taking some profits off the table with CNQ.

Royal Bank of Canada (RY - option chain) shares are rising today after the company reported earnings this morning, posting a fiscal-Q1 profit of C$1.839 billion, or C$1.24 per share. Excluding one-time items, RY earned C$1.26 per share, topping analysts' forecasts of C$1.01 per share. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on RY.

RY opened this morning at $61.32. So far today the stock has hit a low of $60.96 and a high of $62.29. As of 12:10, RY is trading at $61.46 up $2.85 (4.9%). The chart for RY looks bullish and S&P gives RY a positive 4 STARS (out of 5) buy ranking.

I have reiterated my buy recommendation on Canadian telecommunications giant BCE Inc. (BCE) in the latest issue of The Canada Report newsletter.

I originally advised buying the stock in December 2008 when it was trading at $17.76 following the collapse of a multi-billion dollar bid to take the company private. At the time, I felt that investors were overreacting to the news and throwing out the baby with the bathwater.

Canada became the first G8 member to raise interest rates. The rate was increased a quarter point to 0.5%. Since the recession began, only a few countries have raised rates, among them Australia, Brazil and India.

The Bank of Canada issued the following statement explaining the rate change: "Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighted against domestic and global economic developments."

For the first time since 2008, the Canadian dollar is trading at parity with the U.S. dollar. The loonie, as it is called, rose on higher oil prices, Canada's largest export.

"It's a perfect storm for the Canadian dollar," Jonathan Gencher, director of foreign exchange sales at Bank of Montreal in Toronto told Bloomberg. "Canadian rates are higher and Canada will be moving before the Fed. Oil is higher. The fundamentals suggest we'll hang around here for a while."

The financial crisis storm clouds have vanished, but the we're by no means looking at clear skies.

That, in a nutshell, is the International Monetary Fund's stance regarding the global economy's condition in Q1 2010, as IMF First Deputy Managing Director John Lipsky said developed economies face "acute" challenges in confronting high debt, Bloomberg News reported.

As you may know, I am a rabid hockey fan. My team is the Columbus Blue Jackets, but I have come to appreciate good hockey as a whole. Last night, I hunkered down with my wife and brother-in-law to watch the USA take on Canada in the Olympics. What a game. Some are calling it the biggest upset since 1980's Miracle on Ice. I will play into the hype, although these were pros versus pros and anything can happen.

That said, I have to express a few opinions about the game. First, let's start with NHL Commissioner (or should I say uber-villain) Gary Bettman. Bettman believes that NHL players shouldn't compete in the Olympics because it takes away from the NHL itself. Really? The fact that your games are on Versus and once a week on NBC doesn't? How many times can the American public be force-fed Sidney Crosby and Alexander Ovechkin? Great players, but there are other players in the NHL.

Employment in Canada rose by 27,000 in August, however, the unemployment rate also rose to 8.7% from 8.6%.

Here's why we shouldn't get excited over this report. The employment gain was mainly in part time jobs which rose by 30,600.

By sectors the numbers break down this way:

• Manufacturing lost another 17,300 jobs, with 12 months losses at 231,000 or 12%.
• Government jobs fell by 11,500.
• Self-employed fell by 10,600