Many of Canada’s oil and gas producers and mining companies, already enjoying strong profits with firm energy and metal prices, are getting an extra boost from the weaker loonie
Over all, the Canadian dollar has been dropping since May, 2021, but has remained within the 70 to 80 US cent range, which is typical for the past six years, said Stephen Tapp, chief economist at the Canadian Chamber of Commerce. But further drops could start to weigh on bottom lines.
Indeed, agricultural and food production companies are seeing their costs rise, with imported food, farm equipment and fertilizer all becoming more expensive in recent months, said Keith Currie, the president of the Canadian Federation of Agriculture. “After a period of high inflation, it is more difficult for consumers to discern which price increases are avoidable and which aren’t. The consumer tends to become more willing to accept higher prices,” Mr. Mendes said.
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