WINNIPEG – The Canadian dollar held steady on Wednesday after Statistics Canada reported a small contraction in the national economy in April and May.
As of 8:39 a.m. CDT, the loonie was at US$0.8077 or US$1=C$1.2380 on Wednesday, compared to US$0.8075 or US$1=C$1.2384 when markets closed on Tuesday. Earlier today, Statistics Canada announced that Canada’s gross domestic product (GDP) shrank by 0.3 per cent in both April and May. Analysts had predicted an 0.8 per cent drop in April.
Crude oil prices made gains on Wednesday. Brent crude advanced US$0.40 per barrel to US$75.16. West Texas Intermediate (WTI) jumped US$0.53 to US$73.51/barrel. Western Canadian Select (WCS) rose US$0.34 to US$59.74/barrel.
The TSX/S&P Composite Index was lifted by 25.78 points to 20,171.03.
Gold dipped US$3.77 per ounce to US$1,757.48.
