By Commodity News Service Canada
WINNIPEG, April 30 – The Canadian dollar was stronger Tuesday morning, as better-than-expected inflation data provided some support for the currency.
At 9:32 CDT Tuesday morning the Canadian dollar was at US$0.9913 or C$1.0088 which compares with Monday’s North American close of US$0.9885, or C$1.0116.
Statistics Canada reported that the country’s gross domestic product increased by 0.3% in February, slightly beating average market expectations for 0.2% growth for the month. On an annual basis, the Canadian economy grew by 1.7%.
Activity was somewhat cautious in the currency markets, as participants await news from the two-day US Federal Reserve meeting currently underway.
The TSX was weaker Tuesday morning, down 34.61 points at 9:32 CDT to sit at 12,278.18.
