By Commodity News Service Canada
Winnipeg, March 12 – The Canadian dollar was higher against its American counterpart Thursday morning, correcting itself after hitting a six-year low on Wednesday.
At 8:55 CDT Thursday morning, the loonie was up 0.0060 of a cent to US$0.7907 or US$1 = C$1.2647. The loonie has been working to shrug off the lingering effects of weak oil prices and the rising strength of the American greenback.
RBC economic downgraded its latest projection for the Canadian economy due to the sharp drop in the energy sector. Real GDP will only grow by 2.4 percent this year, a reduction of 0.3 percentage points from its previous forecast.
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Canada’s household debt-to-disposable income ratio rose to a new high of 163.3 percent in the last quarter of 2014, according to a report.
Eurozone government bonds rose higher for a fourth consecutive day after the European Central Bank began a 1 trillion euro bond buying campaign on Monday.
On the commodity markets the April crude contract in New York rose US$0.30 to US$48.47 a barrel. The April gold contract jumped $5.70 to US$1,158.10 an ounce.
At 8:55 CDT Thursday morning, the TSX was up 6.55 points to 14,745.75.
