Canada dollar weakens as data shows economy shrank in August
TORONTO (Reuters) – The Canadian dollar weakened versus the U.S. currency and bond prices rose on Wednesday after data showed the Canadian economy contracted unexpectedly in August. The gross domestic product data pointed to slower growth in the third quarter and supported the central bank’s message that interest rate hikes are not imminent. “It’s an important number but it’s an early number. We’ve still got a fair chunk of monthly numbers to wade through,” said Mark Chandler, head of Canadian fixed income and currency strategy at Royal Bank of Canada. …
Saturday, November 3, 2012
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