By Commodity News Service Canada
Winnipeg, November 28 – The Canadian dollar was lower on Friday as plummeting oil prices offset gains in the economy.
At 8:50 CST Friday morning, the loonie was down 0.0054 of a cent to US$0.8763 or US$1 = C$1.1412. A barrel of crude oil is sitting at four-year lows in the wake of OPEC’s decision not to cut production. This in turn, has pressured commodities across the board.
New data released Friday morning shows the economy grew by 0.4 percent in September. The third-quarter GDP ran at an annualized rate of 2.8 percent. That is much higher than the 2.1 percent analysts were expecting.
On the commodity markets the January crude contract in New York fell $4.34 to US$69.35 a barrel. March copper fell seven cents at US$2.89 a pound while the December gold contract dipped $14.60 to US$1,182.90 an ounce.
At 8:50 CST Friday morning, the TSX was down 70.87 points to 14,851.57.
