CAD Loses Momentum as Gold Falls

The Canadian dollar was lower Friday morning after the latest report from on the Canadian economy and weaker gold prices.

The loonie dipped 0.09 of a cent (U.S.) to 101.86 cents shortly before stock markets opened.

Statistics Canada said the economy grew by 0.2 per cent in July, after a downwardly revised 0.1 per cent rise in June. The July figure was better than the 0.1 per cent expected by analysts.

In commodities, December bullion decreased $2.30 (U.S.) to $1,778.20 an ounce. December copper was up one cent to $3.76 a pound (U.S.).

November crude on the New York Mercantile Exchange moved down $1.07 (U.S.) to $91.82 a barrel.

via Globe and Mail

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza