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Bay Street Jitters Ahead Of BoC Meeting -- Canadian Commentary

Canadian stocks were set for a negative open Monday, as Bay Street looked ahead to the mid-week meeting of the Bank of Canada.

Meanwhile, Prime Minister Justin Trudeau assured Canadians that the controversial Trans Mountain pipeline would be built despite protests from British Columbia.

"The Trans Mountain pipeline expansion is of vital strategic interest to Canada," Trudeau said after a two-hour meeting in Vancouver. "It will be built."

Vermilion Energy Inc. (VET, VET.TO) said Monday that it agreed to buy Spartan Energy Corp. (SPE.TO) for total consideration of about $1.40 billion. The purchase price comprised of $1.23 billion in Vermilion shares plus the assumption of about $175 million in debt.

CP Rail (CP.TO) is having trouble in negotiations that would stave off a railwoad worker strike before next week's deadline, according to reports.

Crude oil futures fell from 3-year highs as traders booked profits following last week's big rally.

Oil has risen sharply over the psat month despite signs the U.S. shale boom continues unabated. WTI light sweet oil was down 84 cents at $66.55 a barrel.

In economic news, U.S. retail sales rose 0.6 percent following a 0.1 percent drop in the previous month, according to Commerce Department figures.

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