By Commodity News Service Canada
WINNIPEG, Jan. 31 (CNS Canada) The Canadian dollar was stronger Wednesday morning, supported by solid domestic economic data.
At 9:03 CST Wednesday morning the Canadian dollar was at US$0.8143 or C$1.2280, which compares with Tuesday’s North American close of US$0.8112 or C$1.2328.
Canada’s gross domestic product grew by 0.4 per cent in November, according to a report from Statistics Canada. The increase was the best since May 2017. The growth was in line with expectations, and should help bolster expectations for more improvements over the fourth quarter, according to some economists.
Broad-based weakness in the U.S. dollar index was also supportive for the Canadian currency.
However, crude oil was softer in early activity, which put some pressure on the Canadian dollar.
The TSX was weaker at 9:03 CST, down 5.55 points at 15,949.96.
