By Commodity News Service Canada
July 26 (CNS Canada) – The Canadian dollar was trading at 79.81 cents U.S. at 8:40 CDT (C$1.2530 per US$1). The loonie closed Tuesday at 79.96 cents U.S. (C$1.2507 per US$1).
With the Canadian dollar rallying, some analysts are starting to wonder if the country’s manufacturing companies will be hit by reduced exports to the U.S., as Canadian products become more expensive to purchase. Many analysts point out that the manufacturing sector did not experience many deep gains when the dollar fell compared to U.S. dollar values, and they expect many companies had long ago planned for the higher value Canadian dollar.
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A planned C$11.4 billion LNG (liquefied natural gas) megaproject is dead this morning after Petronas company pulled out of the Pacific NorthWest LNG project. The project was slated for Lelu Island, south of Prince Rupert, B.C. Malaysian state-owned company Petronas said the decision was based on the “extremely challenging environment” caused by prolonged low prices and shifts in the energy sector.
WTI Crude was up 48 cents U.S. this morning at US$48.37.
The S&P/TSX was down 13.18 points, or .09% on early trading at 15,189.19 at 8:36 a.m. CDT. The S&P 500 gained 2.33 points (.09%) at 2,479.46, the Dow Jones was up 93.23 points (.43%) at 21,706.66 and the Nasdaq was up 14.96 points (.23%) at 6,427.13.
