By Commodity News Service Canada
Winnipeg, April 15 – The Canadian dollar was lower against its American counterpart Wednesday morning, amid weak Chinese economic data.
At 8:58 CDT Wednesday morning, the loonie was down 0.0027 of a cent to US$0.7980 or US$1 = C$1.2531. According to China’s statistics bureau, Gross domestic product (GDP) grew at an annual pace of 7.0 percent in the first quarter which was down slightly from the previous quarter. Analysts say the country grew at its slowest pace in six years to start 2015 and a round of economic stimulus could be needed to get things going.
Housing prices for a standard detached bungalow in Vancouver have risen by 10 percent in the first three months of this year, according to a report.
Toyoto Motor Corporation has announced plans to move production of its Corolla compact cars to a new factor in Mexico from Canada.
On the commodity markets the May crude contract in New York rose US$0.91 to US$54.20 a barrel. The April gold contract inched up $1.50 to US$1,194.10 an ounce.
At 8:58 CDT Wednesday morning, the TSX was up 85.60 points to 15,474.88.
