Glacier FarmMedia – The Canadian dollar turned lower on Friday morning, taking hits from gains in the United States dollar and losses in crude oil.
The loonie was at US$0.7259 or US$1=C$1.3776 as of 8:29 a.m. CDT, compared to Thursday’s close at US$0.7270 or US$1=C$1.3756.
Statistics Canada reported today that the country’s economy shrank by 1.6 per cent in the second quarter, compared to two per cent growth in the first. Fewer exports were the key driver for the drop, but greater spending helped cushion the blow.
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The U.S. Dollar Index was up 0.25 of a point at 98.06. The Commerce Department reported on Friday that prices grew by 2.6 per cent in July compared to a year ago. Excluding food and energy, prices rose 2.9 per cent, the largest increase since February.
Crude oil prices were slightly weaker on Friday as the trade looks towards the OPEC+ meeting next week.
Brent crude oil was down US$0.36 per barrel at US$68.26/barrel. West Texas Intermediate was down US$0.16 at US$64.44/barrel.
The TSX/S&P Composite Index advanced 45.30 points at 28,480.10.
Gold was up US$1.60 per ounce at $3,475.90.
