By Commodity News Service Canada
June 27 (CNS Canada) – The Canadian dollar is being cushioned by
rising oil prices as WTI crude climbed
to US$71.55 per barrel this morning an increase of 1.43 per cent.
Production stoppages at Syncrude
facilities in Canada and supply disruptions from Venezuela have sparked
However, the loonie remains vulnerable to the bullish U.S. dollar,
which is in demand thanks to solid
economic growth in that country. The Canadian dollar was at C0.75191
cents per US$1, or C$1.330 at
Markets will be watching Bank of Canada Governor Stephen Poloz’s
speech to the Victoria Chamber of
Commerce this afternoon. An interest rate increase, once viewed as almost
certain, now is seen by
analysts as having about a 50 per cent chance. The Canadian economy has
taken a hit from trade
tensions with the United States and consumer confidence is at the lowest
level since April 2016.
Canopy Growth Corp. has reported a fourth-quarter loss of C$61.5
million as it prepares for the legal use
of recreational marijuana to take effect later this year. The loss of C31
cents per share is for the quarter
ending March 31. Revenue totaled C$22.8 million, up from C$14.7 million
in the same quarter the year
previous. Accounting rules require agricultural companies to place a
value on the cannabis plants before
they are harvested.
The S&P/TSX composite index opened higher this morning, boosted by
higher oil prices. Canada’s main
index was up 31.88 points, or 0.2 per cent to 16,312.92.
U.S. markets opened higher following statements from the White House
that the administration would
use a security review process to deal with threats posed by Chinese
investment in technology, rather
than imposing China-specific restrictions.