By Commodity News Service Canada
WINNIPEG, May 31 (CNS Canada) The Canadian dollar was weaker Thursday morning, seeing a modest correction after Wednesday’s rally as domestic economic data failed to meet expectations.
At 8:44 CDT Thursday morning the Canadian dollar was at US$0.7738 or C$1.2923, which compares with Wednesday’s North American close of US$0.7754 or C$1.2897.
Canada’s gross domestic product grew at an annualized rate of 1.3 per cent during the first quarter of 2018, according to a report from Statistics Canada. The GDP growth came in well below average market expectations, and compares with the fourth-quarter growth of 1.7 per cent.
Losses in crude oil also weighed on the energy-linked Canadian dollar. Growing U.S. crude stockpiles were behind the weakness in crude oil.
The TSX was weaker at 8:44 CDT, down 40.15 points at 16,008.51.
