By Commodity News Service Canada
Winnipeg, June 25 – The Canadian dollar was higher against its US counterpart at midday Wednesday, after new data showed that US GDP shrank 2.9% in the first quarter.
The decline was larger than the 2% analysts had expected. The drop was attributed to the severe winter.
The US durable goods order index also fell one percent in May.
The August gold contract fell $1.60 cents to US$1,319.70 an ounce, which was bearish. The July copper contract was down a cent to US$3.14. The August crude oil contract gained $0.24 cents to US$106.27 a barrel.
At 11:50 CDT Wednesday, the Canadian dollar was trading at US$0.9326 or US$1.0722, which compares with Tuesday’s North American close of US$0.9308, or US$=$1.0744.
At 11:50 CDT Wednesday, the Toronto Stock Exchange was up 24.64 points to sit at 14,987.01.
