Take Stock – July 28

The Canadian dollar has regained some of its former strength, rising briefly to 92.78 cents US early in the day, its highest level since last October.

Canadian dollar reaches levels of last October

The Canadian dollar has regained some of its former strength, rising briefly to 92.78 cents US early in the day, its highest level since last October. Increasing energy prices, particularly higher crude oil, have been a major driver of support for the dollar. BMO Capital markets economist Doug Porter says the loonie has also benefited from solid economic data at home as well as weakness in the American dollar. Porter says the rise of about seven per cent over the past two weeks has been more than could be expected given the supporting fundamentals.

But he says the dollar could move higher still, and while it may backtrack from time to time, the underlying trend is towards a stronger currency — possibly again hitting parity with the U.S. dollar by the end of next year.

West Fraser cuts production at three B.C. mills

West Fraser Timber Co. Ltd. (TSX:WFT) said Monday that it planned to shut down production at three of its B.C. sawmills for at least two weeks starting in August in response to weak markets and a strengthening Canadian dollar. The company said it plans to take market-related curtailments at each of its Houston, 100 Mile and Chasm sawmills. The number of jobs affected was not immediately known. The decision to restart operations is dependent upon market conditions which will be reviewed on an ongoing basis, West Fraser said.

Earlier this month, The company said it would keep cutting costs and production as it enters the fourth year of it called the “the most severe depression in the wood products industry since the 1930s. ” West Fraser, which employs about 8,500 workers in operations in Western Canada and the southern United States, produces lumber, wood chips, fibreboard, plywood, pulp, linerboard, kraft paper, and newsprint.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Red Deer woman loses student visa, ‘has no choice but to leave’ Canada

Victoria Forschle and her family came to Canada in 2008

Agriculture trade show is a must, says Red Deer chamber

Red Deer & District Chamber of Commerce promotes trade show

$21M of improvements to be made to Olds College

More than $21 million in improvements will be made to Olds College,… Continue reading

Genetic non-discrimination law is constitutional, Supreme Court says

OTTAWA — In a split decision, the Supreme Court of Canada has… Continue reading

Quebec arts scene shaken by wave of anonymous sex misconduct allegations

MONTREAL — Quebec’s arts scene is being rocked by a wave of… Continue reading

Conservatives say police should be called in to investigate WE charity scandal

OTTAWA — Calls for independent review of the Liberal government giving a… Continue reading

Red Deer up to 4 active COVID-19 cases

Province announced 77 new confirmed cases across Alberta Friday

Montreal Impact lose 1-0 to New England at MLS is Back Tournament in Florida

KISSIMMEE, Fla. — Argentine forward Gustavo Bou scored early in the second… Continue reading

Baseball is back in Japan, and so are fans in the stadiums

TOKYO — Japan’s professional baseball league opened the delayed season three weeks… Continue reading

Depp says feces in bed was last straw in marriage to Heard

LONDON — Johnny Depp said in a London court on Friday that… Continue reading

Telefilm Canada investigating allegations of misconduct against employee

TORONTO — Telefilm Canada says it has launched an investigation into allegations… Continue reading

Most Read