By Commodity News Service Canada
Winnipeg, January 30 – The Canadian dollar was lower against its American counterpart Friday morning, due to weak economic data in both Canada and the US.
At 8:50 CST Friday morning, the loonie was down 0.0083 of a cent to US$0.7838 or US$1 = C$1.2763. Canada’s gross domestic product in November fell 0.2 percent which was slightly worse than the roughly zero mark analysts had been expecting. The GDP had risen 0.3 percent in October. Manufacturing, mining and oil and gas extraction all felt the slowdown, according to the report.
The US economy also slowed at the end of 2014 missing fourth quarter expectations. The GDP was 2.6 percent which was lower than the 3.1 percent analysts had been expecting.
On the commodity markets the March crude contract in New York climbed 16 cents to US$44.69 a barrel. March copper inched up a cent to US$2.47 a pound while the April gold contract gained $10.10 to US$1,274.70 an ounce.
At 8:50 CST Friday morning, the TSX was down 110.68 points to 14,525.28.
