By Commodity News Service Canada
Winnipeg, Jan. 31 – The Canadian dollar rose above parity with its US counterpart at midday Thursday, as better than anticipated Canadian gross domestic product (GDP) data boosted its value, traders said.
According to Statistics Canada, the country’s GDP increased by 0.3% in November, following a 0.1% rise in October, beating expectations of a 0.2% jump.
At 11:55 CST Thursday, the Canadian dollar was trading at US$1.0033, or US$1=C$0.9967, which compares with Wednesday’s North American close of US$0.9985, or US$=C$1.0015.
However, weak commodity prices and disappointing US employment data helped to slow the Canadian currency’s move to the upside.
The Toronto Stock Exchange was down 85.51 points, or 0.67%, at 11:55 CST Thursday, to sit at 12,708.93.
