By MarketsFarm
WINNIPEG, Jan. 29 (MarketsFarm) – The Canadian dollar was stronger Friday morning, as gains in crude oil and signs of an improving economy provided support.
At 8:55 CST Friday morning the Canadian dollar was at US$0.7833 or US$1=C$1.2767 which compares with Thursday’s North American close of US$0.7806 or US$1=C$1.2810.
Canada’s gross domestic product likely fell by 5.1 per cent on an annual basis in 2020, according to preliminary estimates from Statistics Canada. However, fourth quarter annualized GDP would be up by 7.8 per cent – beating expectations. Just last week, the Bank of Canada projected fourth-quarter growth at only 4.8 per cent.
Crude oil was up in early activity, underpinned by tightening stocks in the United States and cuts to Saudi Arabian production.
West Texas Intermediate crude oil was up by 1.3 per cent in early activity, at US$53.03 per barrel.
The TSX was down by 125.90 points at 8:55 CST to trade at 17,531.30 points.
