Glacier FarmMedia – The Canadian dollar retreated on Friday morning after the release of economic news from Statistics Canada.
The loonie was at US$0.7127 or US$1=C$1.4031 as of 8:38 a.m. CDT, compared to Thursday’s close at US$0.7149 or US$1=C$1.3987.
StatCan reported the Canadian economy contracted by 0.3 per cent in August, compared to 0.3 per cent growth in July, due to reduced output in goods and services. StatCan also released a preliminary estimate of 0.1 per cent growth in September. If realized, Canada would avoid a recession.
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Canadian Financial Close: Loonie down, economy shrinks
Glacier FarmMedia – The Canadian dollar dipped again on Friday, after Statistics Canada reported the country’s economy stumbled in August….
Canadian Prime Minister Mark Carney met with Chinese President Xi Jinping in South Korea on Friday, agreeing to move forward with resolving trade issues between the two countries.
The United States Dollar Index was up 0.13 of a point at 99.66.
Crude oil prices were higher due to a draw in U.S. stockpiles and reduced tensions between the U.S. and China. However, prices are on track to decline for the third straight month.
Brent crude oil was up US$0.12 per barrel at US$65.12/barrel. West Texas Intermediate grew US$0.38 at US$60.95/barrel.
The TSX/S&P Composite Index added 85.03 points at 30,264.01.
Gold gained US$13.20 per ounce at US$4,029.10.
