Canadian Dollar and Business Outlook: Loonie, Canada’s economy up

WINNIPEG – The Canadian dollar is consolidating Thursday’s gains after receiving good economic news on Friday.

As of 8:34 a.m. CDT, the loonie was at US$0.8043 or US$1=C$1.2433, compared to US$0.8032 or US$1=C$1.2450 when markets closed on Thursday. Statistics Canada reported Friday morning that Canada’s economy grew at an annualized rate of 2.5 per cent in the second quarter.

Crude oil was mostly down on Friday. Brent crude oil gained six cents per barrel to US$76.11. West Texas Intermediate (WTI) declined one cent to US$73.61/barrel. Western Canadian Select (WCS) dropped US$0.24 to US$58.5985/barrel.

After closing at an all-time on Thursday, the TSX/S&P Composite Index rose another 81.39 points at 20,311.79.

Gold declined US$2.85 per ounce to US$1,825.31.

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