By Commodity News Service Canada
Winnipeg, December 23 – The Canadian dollar was higher against its American counterpart at midday Tuesday, as new GDP figures suggest the Canadian economy is doing better than first thought.
The loonie was at US$0.8617 or US$1 = C$1.1605 at 11:45 CST Tuesday morning.
Canada’s GDP grew by 0.3 percent in October. That was well ahead of analysts’ estimates of 0.1 percent growth.
The US Commerce Department reported that the American economy rose by five percent in the third quarter. Consumer spending contributed significantly to the rise, according to a report.
At 11:45 CST Tuesday morning, the Toronto Stock Exchange was up 0.16 points to 14,562.54.
