By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar bumped up on Wednesday morning despite a decline in Canada’s gross domestic product in February.
As of 8:33 am CDT, the loonie was at US$0.7229 or US$1=C$1.3834 compared to Tuesday’s close of US$0.7222 or US$1=C$1.3847. On the United States Dollar Index, the greenback added 0.232 of a point at 99.2350.
Statistics Canada reported on Wednesday that the country’s real GDP contracted 0.2 per cent in February. Meanwhile, StatCan’s preliminary forecast for March called for a 0.1 per cent increase.
Benchmark crude oil prices were lower on Wednesday morning due to the continuing U.S./China trade war and the growing likelihood of an OPEC+ output increase to be announced next week.
Brent crude oil declined 75 cents at US$63.50 per barrel and West Texas Intermediate gave up 69 cents at US$59.73.
The TSX/S&P Composite Index dropped 252.74 points at 24,621.74.
Gold lost US$20.00 at US$3,313.60 per ounce.
