BEFORE THE BELL: Stats Can releasing trade data from April; Air Canada enters formal agreement with Air China
Trade focus continues for investors today as Canadian data is expected to be released.
Stats Can will be providing trade data from April, with analysts watching to see if the country’s trade industry takes another hit. Stats Can reported a trade deficit of $4.1 billion for March. Analysts say another drop will either indicate a floundering economy or the early results of trade tensions with countries like the US.
Ahead of the report, the Loonie is climbing to 77.38 cents US.
Meanwhile, Air Canada will be on the radar for investors as the company announced a joint venture agreement with Air China. The two sides have worked together in the past, but this formal agreement would be the first of its kind for a North American airliner. Air Canada shares were down at the close yesterday to 23.50.
Oil continues to drop with the price of US crude down to 65.25 a barrel. This comes after the US reportedly asked Saudi Arabia to increase production to offset global demand.