By Commodity News Service Canada
July 25 (CNS Canada) – The Canadian dollar is showing strength today as apparent action
surrounding the North American Free Trade Agreement lifted opinions.
The Canada-U.S. exchange equaled 0.7639, or C$1.3091 at 8:40 a.m. this morning. It closed
yesterday at 0.7601 or C$1.3156.
Canadian Foreign Affairs Minister Chrystia Freeland is meeting with Mexican officials in Mexico
City today to discuss the North American Free Trade Agreement. On Thursday, Mexican Economy Minister
Ildefonso Guajardo travels to Washington to discuss NAFTA with U.S. trade representative Robert
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Canadian grocery and pharmacy chain Loblaw Cos. Ltd. posted quarterly profits higher than
analysts expected, thanks to stronger food and drug store sales. The company’s net income fell C$50
million for the second quarter ended June 30, which was more than predicted by most analysts. That
compares to C$359 million in the same quarter a year earlier. The decline was credited to the company’s
acquisition of Canadian Real Estate Investment Trust and the sale of its retail gas operations.
However, retail food sales rose 0.8 per cent, while drug retail sales rose 1.7 per cent.
Overall revenue was down 1.4 per cent to C$10.92 billion, with total earnings at C$1.11 per
share. Analysts on average were forecasting C$1.09 per share.
Financial stocks dragged down the S&P/TSX index early this morning as investors waited for
the meeting between U.S. President Donald Trump and European Commission President Jean Claude-Juncker.
The index fell 0.13 per cent in early trading, or 20.95 points at 16,499.369.18.
In the U.S., the S&P 500 was also lower, falling 0.09 per cent or 2.67 points to 2,817.73.
The Dow Jones fell 0.23 per cent to 25,183.70 and Nasdaq Composite declined 0.02 per cent to 7,839.09.
West Texas Intermediate crude rose 0.36 per cent early this morning to US$68.99.
