By Commodity News Service Canada
Aug. 31 (CNS Canada) – The Canadian dollar rose early today on reports of solid growth in the economy with the latest Statistics Canada report on gross domestic product. The loonie was at US$0.7957 at 8:26 a.m. CDT, or C$1.2568. It closed Wednesday at US$0.7933 or C$1.2605 per US$1.
The Canadian economy posted strong numbers with an expansion in gross domestic product of 4.5 per cent for the second quarter, according to data released today by Statistics Canada. Household spending and exports of goods led the way. That outpaces growth in the United States, where expansion was 3.0 per cent in the second quarter. Canada’s economy is benefitting from recovery signs in the oil sector, global economic growth, federal government deficit spending and hot real estate markets in Toronto and Vancouver. Some observers say the growth is not sustainable with consumer spending expected to slow as interest rates gradually climb.
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