By Commodity News Service Canada
Winnipeg, November 29 – The Canadian dollar was weaker against its
US counterpart at midday Friday, despite stronger-than-expected
Canadian economic data, market watchers said.
The loonie was pressured by expectations that the Bank of Canada
(BoC) will take longer to slow their monetary stimulus than the US
Federal Reserve, analysts said. The BoC is scheduled to meet on
December 4.
However, losses were limited by news that Canada’s gross domestic
product (GDP) expanded at its fastest pace in two years. According to
Statistics Canada, the third-quarter GDP grew at an annualized rate of
2.7%, which surpassed expectations of a 2.5% increase.
Gains seen in commodities, including gold, copper and crude oil,
were also supportive.
At 11:32 CST Friday, the Canadian dollar was trading at US$0.9425
or US$1.0610, which compares with Thursday’s North American close of
US$0.9446, or US$=$1.0587.
At 11:32 CST Friday, the Toronto Stock Exchange was up 115.28
points to sit at 13,486.11.
