ITEM 7.01. Regulation FD Disclosure.

On July 20, 2022, Canadian Pacific Railway Limited (the "Corporation") issued a press release regarding the announcement by Kansas City Southern and its affiliate Kansas City Southern de México, S.A. de C.V. ("KCSM") of an agreement extending the concession exclusivity rights granted to KCSM for an additional 10 years.

The press release is furnished herewith as Exhibit No. 99.1 to this Report, and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing by the Corporation under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01. Financial Statements and Exhibits.




(d) Exhibits

Exhibit
  No.           Exhibit Description

Exhibit 99.1      Press Release dated July 20, 2022.

Exhibit 104     Cover Page Interactive Data File (embedded within the Inline XBRL
                document).

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