By Commodity News Service Canada
WINNIPEG, Oct. 4 – The Canadian dollar is unlikely to face
any long-term sustained declines caused by U.S. tariffs or
American threats to pull out of the North American Free Trade
Agreement, said Credit Suisse research analyst Shahab Jalinoos.
Any effects of Canada-U.S. trade disputes are likely to be
short-lived, he said, because the long-term prospects of the
United States leaving NAFTA are highly unlikely due to
“aggressive resistance from Congress.” And given U.S. President
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Congress onside with the White House agenda, a unilateral
withdrawal from NAFTA would not likely succeed, he said. Credit
Suisse is an international financial services company.
The Canadian dollar closed today at 80.013 cents U.S., or
C$1.2479 per US$1. It closed yesterday at US$0.80 or C$1.250 per
US$1.
Canadian e-commerce company Shopify Inc. was left reeling
after Los Angeles-based Citron, an online stock commentator,
called it a “get-rich-quick” scheme and said Shopify should be
investigated by regulators. Shopify’s shares fell 10 per cent
following the report.
United States Secretary of State Rex Tillerson had only to
say the words: He never considered resigning. With that, stocks
on Wall Street reached new record highs as the S&P 500, the
Nasdaq and the Dow Jones all posted early gains. A strong
economic outlook worldwide contributed to the upswing. The New
York indexes closed at 2,537.71 at the S&P 500 (up 3.13 points
or 0.12%), 22,660.19 at the Dow Jones (up 18.62 points or 0.08%)
and 6,534.63 at the Nasdaq (up 2.92 or 0.04%).
The S&P/TSX lost 7.51 points today, shedding early gains to
close at 15,721. The index peaked at 15,752 earlier in the day
but slipped back as the day progressed
WTI crude fell 57 cents U.S. (1.13%) to close at US$49.85
per barrel.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–dn $ 0.26 at $ 24.41
Agrium Incorporated———-up $ 0.24 at $133.73
Buhler Industries————– $ 0.00 at $ 4.59
Maple Leaf Foods————-up $ 0.30 at $ 34.93
Potash Corp. of Sask———up $ 0.09 at $ 24.05
(All figures are in Canadian dollars.)
