By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly firmer Thursday morning, as currency traders reacted to updated inflation data.
At 9:13 a.m. CST Thursday morning the Canadian dollar was trading at US$0.7372 or US$1=C$1.3565, which compares with Wednesday’s close of US$0.7358 or US$1=C$1.3590.
Canada’s real gross domestic product (GDP) dipped by 0.3 per cent in the third quarter after posting a 0.3 per cent gain the previous quarter, according to a report from Statistics Canada. The decrease in international exports and slower inventory accumulation were partially offset by increases in government spending and housing investment.
Real GDP was down by 1.1 per cent on an annualized basis, but the country avoided a recession (defined as two consecutive quarters contractions) as the second quarter reading was revised higher to show a 1.4 per cent rise after originally showing a 0.2 per cent decline.
West Texas Intermediate crude oil was up by 1.46 per cent at US$79.05 per barrel.
The TSX was stronger, gaining 24.32 points at 9:13 CST, trading at 20,140.52 points.
