Pipeline expansion project continues
Finance Minister Bill Morneau said the same thing yesterday and this isn't a surprise to begin with. Canada's government bought the pipeline from Kinder Morgan to get it build and relieve pressure on the glut of oil stuck in Canada's oilsands.
USD/CAD is on the defensive today with crude prices continuing higher. Last at 1.3078. The low this week was 1.3071. Watch out for stops below.
Beyond the action here, Trudeau is trying to send a message to the commodity-producing prairies, where his party his Liberals were completely shut out.
Trudeau said that Canadians need to recognize that Albertans and people from Saskatchewan have faced very difficult years because of global commodity prices, lack of markets to get resources to market. Said his government will stay focused on this.
He will unveil his new cabinet on Nov 20 and he also ruled out forming any kind of coalition. He said his minority government will look for partners on an issue-by-issue basis. That's also not a big surprise.
Finally, Trudeau said the first bill be would bring forward is a bill to lower taxes for the middle class.
