Canadian Dollar and Business Outlook: Canada’s real GDP increases in July

Glacier FarmMedia MarketsFarm – The Canadian dollar was unchanged on Friday morning.

The loonie was at US$0.7422 or US$1=C$1.3473 as of 8:31 a.m. CDT, the same as the Bank of Canada closing rate on Thursday. Statistics Canada (StatCan) reported today that Canada’s real gross domestic product grew by 0.2 per cent in July. The retail trade sector gained one per cent, while the motor vehicle and parts dealers subsector grew by 2.8 per cent. StatCan’s preliminary estimate for August suggests no change.

Some Canadian markets and government offices will be closed Monday for the National Day for Truth and Reconciliation.

The United States Dollar Index was down 0.26 of a point at 100.26, nearing its 52-week low.

Crude oil continued to move lower after Saudi Arabia’s announcement on Thursday it will raise output.

Brent crude oil dipped US$0.20 at US$71.40 per barrel. West Texas Intermediate (WTI) declined US$0.06 at US$67.61/barrel.

The TSX/S&P Composite Index gained 22.94 points at 24,056.77, a day after closing above 24,000 points for the first time ever.

Gold dropped US$6.40 per ounce at US$2,688.50.