MID-DAY: GDP growth boosts Loonie, but tanks TSX
Canada’s economy is swelling larger than expected, which is pushing back against the TSX. Unexpected GDP growth in July is solidifying expectations of an interest rate hike in October by the BoC. This along with concerns the US and Mexico will cut Canada out of NAFTA is weighting Bay Street, with the TSX falling 61 points to 16,143.
The GDP growth is good news for the Loonie however, which is boosting further to 77.39 cents US.
Across the border the Dow is gaining after starting in the red this morning, up 43 points to 26,483.
Crude prices continue to steadily rise as Iranian exports are slowly shut down by US sanctions. The price of US crude is up to 73.17 a barrel.