Canadian Financial Close: C$ weakens after flat GDP data

By MarketsFarm

 

WINNIPEG, Feb. 28 (MarketsFarm) – The Canadian dollar was weaker on Tuesday, as currency traders reacted to news that the country’s economy stalled in the fourth quarter of 2022.

The Canadian dollar settled at US$0.7348 or US$1=C$1.3609 on Tuesday, which compares with Monday’s close of US$0.7368 or US$1=C$1.3573.

Canada’s real gross domestic product was unchanged in the fourth quarter of 2022 after five consecutive quarterly increases, according to a report from Statistics Canada. The steady reading came in well below pre-report expectations for 1.5 per cent growth and the Bank of Canada’s 1.3 per cent target. However, early data for 2023 is showing a 0.3 per cent increase in January.

Read Also

Canadian Financial Close: Loonie retreats, crude oil jumps

Glacier FarmMedia | MarketsFarm – The Canadian dollar took a step back after the release of economic news from Statistics Canada….

Crude oil was stronger, with West Texas Intermediate crude oil up by 1.5 per cent at US$76.83 per barrel.

The TSX Composite Index was lower, losing 38.94 points or 0.19 per cent to close at 20,221.19 points.

 

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.33

Linamar Corp.——————–up  $ 0.26    at $ 74.25

Maple Leaf Foods—————–up  $ 0.30    at $ 27.68

Nutrien Ltd.———————up  $ 0.75    at $106.32

Ritchie Bros Auctioneers Inc.—-up  $ 0.77    at $ 83.48

Farmers Edge Inc.—————-    $ 0.00    at $  0.25

 

(All figures are in Canadian dollars.)

explore

Stories from our other publications