Energy, arguably the most important sector that could negatively affect Canada’s economy in a trade dispute with the U.S., has now likely come off the table with the approval of Keystone by President Trump.
Even with NAFTA up for renegotiation and the will of the U.S. to be oil independent – independent of OPEC and Venezuela – this will not only boost our exports to the U.S. but will allow Alberta to finally get world prices for U.S. bound oil instead of selling at a huge discount.
Trump wants Keystone fast tracked and indications are that Congress will follow his lead and get pipeline construction underway.
Arguably there are still hurdles, but positive reaction was swift yesterday, with a whopping rally in the Canadian dollar and the TSX touching record highs.
Much more to come on this story.