By Commodity News Service Canada
Winnipeg, May 29 – The Canadian dollar was lower against its American counterpart Friday morning, after reports came out indicating Canada’s economy had shrunk during the first quarter of the year. The contraction was blamed on the slump in oil prices.
At 8:55 CDT Friday morning, the loonie was down 0.0031 of a cent to US$0.8015 or US$1 = C$1.2476. Concerns over the economic situation in Greece added to the pressure. Markets in Asia and Europe have declined as traders nervously wait to hear news of a deal to bail out the cash-strapped country.
Toronto-Dominion Bank posted a second-quarter profit that exceeded earlier estimates. The increase was credited to growth in the Canadian retail and wholesale business sectors.
Vancouver-based Vantage Airport Group Ltd. has won a bid to build a new US$3.6-billion terminal at LaGuardia Airport.
On the commodity markets the June crude contract in New York increased US$0.23 to US$58.25 a barrel. The June gold contract rose $1.40 to US$1,190.30 an ounce.
At 8:55 CDT Friday morning, the TSX was down 23.29 points to 15,083.69.
