Skip to main content
A scary good deal on trusted journalism
Get full digital access to globeandmail.com
$0.99
per week for 24 weeks SAVE OVER $140
OFFER ENDS OCTOBER 31
A scary good deal on trusted journalism
$0.99
per week
for 24 weeks
SAVE OVER $140
OFFER ENDS OCTOBER 31
// //

Canadian dollars shown with U.S dollars.

Ryan Remiorz/The Canadian Press

The Canadian dollar closed little changed Wednesday amid higher commodity prices and data that showed economic growth went into reverse in August.

The loonie closed well off the best levels of the session ending the day up 0.03 of a cent to $1.001 (U.S.). It had moved as high as $1.0039 before Statistics Canada reported that gross domestic product edged down 0.1 per cent in August, the first monthly decline since last February.

A 0.2 per cent rise had been expected.

Story continues below advertisement

The agency said that the decline came mainly as a result of decreases in mining and oil and gas extraction and in manufacturing. Declines were also recorded in utilities and construction.

"Services provided no support... with retail sales down as expected, and with finance, insurance and real estate declining mildly, likely reflecting the drop in housing resale activity in the wake of CHMC rule tightening," noted CIBC World Markets economist Emanuella Enenajor.

Traders also looked ahead to the other major economic report of the week, the October employment report on Friday. Statistics Canada is expected to report the economy cranked out 7,500 jobs.

It was a more active session on global markets as New York equity, bond and commodity markets reopened for business after damage from superstorm Sandy forced a two-day shutdown.

The NYSE is using backup generators because power is out in much of downtown Manhattan.

Wall Street experts had feared another delay might lead to a dangerous backlog of customer orders to buy and sell stock.

Meanwhile, CME Group's Nymex headquarters and trading floor was also back to normal.

Story continues below advertisement

The December crude contract on the New York Mercantile Exchange rose 56 cents to $86.24 a barrel.

December copper gained 1 cent to $3.52 a pound while December gold bullion climbed $7 to $1,719.10 an ounce.

Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies