Canadian Dollar and Business Outlook: Canada’s economy rises above pre-pandemic levels

WINNIPEG – The Canadian dollar was mostly steady on Tuesday while Statistics Canada released its monthly economic report.

As of 8:35 a.m. CST, the loonie was at US$0.7869 or US$1=C$1.2708 on Tuesday, compared to US$0.7862 or US$1=C$1.2719 on Monday. Canada’s central data agency reported that the country’s gross domestic product (GDP) grew 0.6 per cent in November, pushing the economy 0.2 per cent above pre-pandemic levels. However, Statistics Canada also estimated real GDP was unchanged in December as the Omicron COVID-19 variant took hold. It is also estimated the economy grew at an annual rate of 6.3 per cent in the fourth quarter of 2021.

The United States Dollar Index was down 0.23 points at 96.31.

Benchmark crude oil prices are coming down from seven-year highs as investors expect supply increases to come out of OPEC+’s meeting this week. Brent crude oil slipped US$0.82 per barrel at US$88.44. West Texas Intermediate (WTI) retreated US$0.68 to US$87.47/barrel. Western Canadian Select (WCS) dropped US$1.18 to US$74.28/barrel.

The TSX/S&P Composite Index added onto Monday’s gains, rising 102.34 points to 21,200.63.

Gold increased US$8.90 per ounce to US$1,805.30.

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