By Commodity News Service Canada
WINNIPEG, Jan. 31 (CNS Canada) The Canadian dollar was firmer Thursday morning, seeing some follow-through strength after Wednesday’s advances.
At 8:51 CST Thursday morning the Canadian dollar was at US$0.7605 or C$1.3149 which compares with Wednesday’s North American close of US$0.7580 or C$1.3192.
The United States Federal Reserve left interest rates unchanged on Wednesday. The accompanying statement was deemed dovish by investors, with the Fed now signaling it will slow its pace of increases over the next year. The resulting weakness in the U.S. dollar boosted other world currencies, including the Canadian dollar which remained supported on Thursday.
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However, Canada’s gross domestic product was down by 0.1 per cent in November, according to a Statistics Canada report. The softer GDP put some pressure on the currency.
Statistics Canada also reported that the industrial product price index was down 0.7 per cent in December. Meanwhile, the raw materials price index increased by 3.8 per cent during the month.
The TSX was steady in early activity, up 1.92 points at 8:51 CST to sit at 15,486.47.
