Canadian Dollar and Business Outlook: Canada’s economy rises, crude oil drops

Glacier FarmMedia | MarketsFarm – The Canadian dollar was slightly lower on Friday despite welcome economic news from Statistics Canada.

The loonie was at US$0.6928 or US$1=C$1.4434 as of 8:33 a.m. CST, compared to Thursday’s close at US$0.6934 or US$1=C$1.4422. StatCan reported today that the country’s GDP increased by 2.6 per cent in the fourth quarter of 2024, surpassing expectations from economists (1.9 per cent) and the Bank of Canada (1.8 per cent). Third quarter growth was upwardly revised to 2.2 per cent, while preliminary data suggested 0.3 per cent growth in January.

The United States Dollar Index was up 0.09 of a point at 107.33.

Crude oil declined under the spectre of tariffs by U.S. President Donald Trump. February is set to be crude oil’s worst month since September 2024. Brent crude oil dropped US$0.94 at US$73.10 per barrel. West Texas Intermediate (WTI) lost US$0.81 at US$69.54/barrel.

The TSX/S&P Composite Index was down 55.29 points at 25,072.95.

Gold tumbled US$39.80 per ounce at US$2,856.10.