It appears to be validating the envelope sender (reply@telus.com) rather than the from address, per the spec.

The thing is, telus.com doesn't have a DMARC record, and thier SPF record doesn't include 69.64.35.11. This header might be fake. Gmail does currently have a DMARC record that says p=none sp=quarantine. The 'sp' value only applies to subdomains, so the "none" (no action) policy should be used.

Edit: I just verified that gmail's dmarc has had p=none for a long time.