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.
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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.
