Canadian Dollar Rallies as Economy Expands, Crude Oil Takes a Hit

The Canadian dollar strengthened at the end of the week, with the loonie reaching US$0.7219 or US$1=C$1.3852 as of 8:45 a.m. CDT.

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

However, crude oil prices took a hit, with Brent crude oil dipping US$0.69 to US$89.01 per barrel and West Texas Intermediate dropping US$0.94 to US$82.59/barrel, as reduced demand outweighed tighter global supplies.