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.

Just Posted

Man causes mischief with axe in Ponoka

Arson and attempted break and enter charges laid

Red Deer RCMP look for fraud suspect

Red Deer RCMP are looking for public assistance to identify a fraud… Continue reading

Blood donations needed in Central Alberta: Canadian Blood Services

357 donors are needed before Aug. 26 at the Red Deer clinic

WATCH: Red Deer man shaves beard for Mustard Seed

‘I have spent 30 years of my life being addicted to both alcohol and drugs’

Oilpatch fears delays as U.S. judge orders further review of KXL pipeline route

CALGARY — Potential delays in the completion of the Keystone XL pipeline… Continue reading

‘Queen of Soul’ Aretha Franklin dies at 76

NEW YORK — Aretha Franklin, the undisputed “Queen of Soul” who sang… Continue reading

Arrests in Burnaby, B.C., as order against Kinder Morgan protest camp enforced

BURNABY, B.C. — The RCMP arrested protesters Thursday as officers enforced a… Continue reading

‘Hot and dirty work:’ Commander describes fighting massive Ontario wildfire

BRITT, Ont. — From a helicopter flying over a smouldering swath of… Continue reading

Calgary Fire Department logs record opioid overdose calls in July

CALGARY — The Calgary Fire Department says there were a record number… Continue reading

RCMP in Burnaby, B.C., say Kinder Morgan protest camp to be dismantled

BURNABY, B.C. — The RCMP arrested protesters when officers enforced a court… Continue reading

Study: Smokers better off quitting, even with weight gain

NEW YORK — If you quit smoking and gain weight, it may… Continue reading

Italy says death toll will mount in Genoa bridge collapse

GENOA, Italy — The death toll from the collapse of a highway… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month