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Canadian dollar slightly higher amid weaker than expected U.S. GDP report
TORONTO – The Canadian dollar was slightly higher Friday amid data showing first quarter U.S. growth coming in weaker than expected.
The loonie was up 0.09 of a cent to 98.05 cents US.
The U.S. government says gross domestic product accelerated at a rate of 2.5 per cent rate in the first quarter, propelled by consumer spending. Even though it is a sharp improvement from the 0.4 per cent reported in the final quarter of the year, analysts had hoped for an improvement of three per cent.
Commodity prices weakened, following strong gains over the past two days.
May copper was down two cents to US$3.22, while the June crude contract dropped 17 cents to $93.47 a barrel.
The price of gold also continued to increase as June bullion gained $9.60 to US$1,471.60 an ounce.
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