By MarketsFarm
WINNIPEG, July 28 (MarketsFarm) – The Canadian dollar move lower on Friday morning, pressured by small declines in global crude oil prices. However, the pull back was limited by a slight drop in the United States dollar and good economic news from Statistics Canada
As of 8:36 am CDT, the loonie was at US$0.7553 or C$1.3240, compared to Thursday’s close of US$0.7575 or US$1=C$1.3201. On the U.S. Dollar Index, the greenback dipped 0.104 of a point at 101.440.
Benchmark crude oil prices were slightly lower on Friday morning, after China announced more stimulus for its economy while the markets believe the U.S. Federal Reserve may be approaching the end of its tightening cycle.
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Brent crude oil lost 27 cents at US$83.97 per barrel and West Texas Intermediate shed 24 cents at US$79.85. Meanwhile, Western Canadian Select gained 26 cents at US64.62.
StatCan reported the country’s economy grew by 0.3 per cent in May, which points to the real gross domestic production increasing by an annualized one per cent during the second quarter of this year.
Shortly after Friday’s open the TSX/S&P Composite Index tacked on 70.40 points at 20,455.87.
Gold advanced US$9.50 at US$1,994.70 per ounce.
