By Commodity News Service Canada
July 18 (CNS Canada) – The Canadian dollar
continues its quiet week, but is showing weakness
compared to the U.S. dollar. Falling prices for WTI
crude oil and positive comments about the U.S.
economy are holding the loonie down. The Canada-U.S.
exchange was at C$1.324 or 0.7552 per US$1. It closed
yesterday at C$1.3187, or 0.7583 per US$1.
U.S. President Donald Trump’s protectionist
sentiments have strengthened the case for the
controversial Trans Mountain pipeline expansion,
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designed to shift Canada’s reliance away from the
U.S. market by boosting shipments to China and
India. However, analyst Jeff Rubin pointed out the
Asian markets pay significantly less than
refineries in the southern U.S.
National Chamber of Commerce President Perrin
Beatty urges premiers set to meeting later today,
to find ways to ease internal trade, and maintain
solidarity with Prime Minister Justin Trudeau in the
wake of U.S. “protectionist attacks”. Canada’s
premiers are gathered in Bouctouche, N.B., for a
half-day meeting.
West Texas Intermediate crude was down 0.73 per
cent, or 49 cents U.S., to US$66.67.
The S&P/TSX index gained 0.06 per cent (9.15
points) in early trading this morning at 16,528.39.
U.S. indexes were trading steady to slightly down.
The S&P 500 was up 0.02 per cent at 2,810.02, the
Dow Jones was down 0.01 per cent to 25,116.27 and
Nasdaq declined 0.1 per cent (7.76 points) to
7,847.36.
