Canadian Dollar Climbs Amid Economic Growth and Falling Crude Oil Prices

The Canadian dollar ended the week on a high note, reaching US$0.7219 and a conversion rate of C$1 = US$1.3852 by Thursday morning.

This comes as Statistics Canada reported that Canada's economy grew at an annualized rate of 3.3 per cent in the second quarter, a significant improvement from the revised rate of 0.3 per cent growth in the first quarter.

Crude oil prices were lower, however, due to reduced demand outweighing tighter global supplies. Brent crude oil dipped US$0.69 at US$89.01 per barrel, while West Texas Intermediate dropped US$0.94 at US$82.59/barrel.