Canadian Dollar and Business Outlook: Loonie, economy rise

Glacier FarmMedia MarketsFarm – The Canadian dollar advanced on Friday morning after the release of economic data from Statistics Canada (StatCan).

The loonie was at US$0.7332 or US$1=C$1.3639 as of 8:38 a.m. CDT, compared to US$0.7311 or US$1=C$1.3678 on Thursday. StatCan reported the Canadian economy grew by 1.7 per cent in the first quarter of 2024, compared to 0.1 per cent in the fourth quarter of 2023. Household spending on services increased by 1.1 per cent in Q1, while household spending on goods was up by 0.3 per cent.

The United States Dollar Index was down 0.25 of a point at 104.46.

Ahead of Sunday’s OPEC+ meeting, crude oil prices were steady to higher. Brent crude oil was up US$0.01 at US$81.87 per barrel. West Texas Intermediate (WTI) increased US$0.30 at US$78.21/barrel.

The TSX/S&P Composite Index gained 88.56 points at 22,160.27.

Gold added US$8.80 per ounce at US$2,375.30.