WINNIPEG – The Canadian dollar is surpassing the 83-cent United States mark after the release of economic data from Statistics Canada.
As of 8:42 a.m. CDT, the loonie was at US$0.8319 or US$1=C$1.2021 compared to US$0.8284 or US$1=C$1.2072 when markets closed on Monday. Statistics Canada reported on Tuesday the economy grew at an annual rate of 5.6 per cent during fiscal first quarter, surpassing previous forecasts. In March, Canada’s real gross domestic product (GDP) increased by 1.1 per cent. However, for April’s data out next month, Statistics Canada also expects a 0.8 per cent drop in economic output from last year.
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Crude oil skyrocketed on Tuesday after OPEC+ forecast a tightening market. Brent crude surged US$1.75 per barrel to US$71.07. West Texas Intermediate (WTI) advanced US$2.24 to US$68.57/barrel. Western Canadian Select (WCS) rose US$2.10 to US$54.35/barrel.
The TSX/S&P Composite Index is approaching the 20,000-point mark for the first time ever, rising by 217.20 points to 19,948.19. The S&P 500 and Dow Jones also flirted with record highs driven by post-pandemic market optimism.
Gold was down US$4.00 per ounce to US$1,902.88.
