By Commodity News Service Canada
WINNIPEG, October 29 The Canadian dollar strengthened against its US counterpart Thursday as US economic data pressured the greenback.
At 8:55 a.m. CDT the Canadian dollar was at US$0.7589 or C$1.3177 which compares with Wednesday’s North American close of US$0.7580, or C$1.3192.
US gross domestic product increased by 1.5 per cent in the third-quarter, which is modest compared with the 3.9 per cent increase in the fourth-quarter.
In Canadian domestic data, the industrial product price index declined 0.3 per cent in September, mainly as a result of lower prices for energy and petroleum products. The raw materials price index gained three per cent in September, led by higher prices for crude energy products, Statistics Canada said in a report on Thursday.
The TSX was weaker in early activity, down 19.51 points at 8:55 a.m. CDT to sit at 13,843.65.
