By Commodity News Service Canada
WINNIPEG, Sep. 28 (CNS Canada) – The Canadian dollar was stronger Friday morning, as better-than-expected domestic economic data provided support.
At 9:35 CDT Friday morning the Canadian dollar was at US$0.7712 or C$1.2967 which compares with Thursday’s North American close of US$0.7666 or C$1.3045.
Canada’s GDP grew by 0.2 per cent in July, according to a report from Statistics Canada. The increase beat market expectations for a 0.1 per cent rise and underpinned ideas that the Bank of Canada could be set to raise interest rates next month.
Recent comments from Bank of Canada Governor Stephen Poloz contributed to that sentiment, as he said Thursday that the Bank would continue to raise rates gradually.
Crude oil was firmer Friday morning, providing some underlying support for the energy-linked Canadian currency.
The TSX was weaker at 9:35 CDT, down 65.98 points at 16,138.64.
