Canadian Dollar and Business Outlook: Loonie holding firm
StatCan says economy grew one per cent in Q4
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was relatively steady on Thursday morning, following the Statistics Canada report that the country’s annualized rate of economic growth for the fourth quarter was one per cent.
As of 8:37 am CST, the loonie was at US$0.7370 or US$1=C$1.3567 compared to Wednesday’s close of US$0.7367 or C$1.3574. On the U.S. Dollar Index, the greenback dipped 0.169 of a point at 103.735.
Benchmark crude oil prices were narrowly mixed on Thursday morning, in a battle between pressure from larger U.S. stockpiles and support generated by OPEC+ production cuts.
Brent crude oil shed 10 cents at US$83.58 per barrel, while West Texas Intermediate rose 10 cents at US$78.64.
Shortly after Thursday’s open the TSX/S&P Composite Index gained 83.05 points at 21,326.82.
Gold advanced US$13.70 at US2,056.40 per ounce.
