BLBG: Canada's Dollar is Little Changed as Report Says Growth Stalled in April
Canada’s dollar was little changed after a report showed gross domestic product unexpectedly stalled in April.
The currency had rebounded earlier from the lowest level in almost three weeks as concern eased that the global economic recovery is in jeopardy, lifting commodity prices and equities.
The Canadian currency traded at C1.0557 per U.S. dollar at 8:39 a.m. in Toronto, compared with C$1.0560 yesterday, when it reached C$1.0577, the weakest level since June 8. One Canadian dollar buys 94.72 U.S. cents.
Canada’s economic output remained at a seasonally adjusted annualized rate of C$1.23 trillion ($1.17 trillion) in April, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News predicted a 0.2 percent gain, based on the median of 16 estimates.
The currency is poised for a 3.3 percent decline since March 31, the first drop in five quarters, on concern Europe’s sovereign-debt crisis may harm the region’s banking sector and weigh on growth.
To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net
