Deficit spikes to $2 billion in November
The Canadian dollar was higher early Friday after new data showed that the country's trade deficit with the world jumped in November.
The loonie rose 0.12 of a cent to 101.69 cents US before stock markets opened.
In the morning, a report from Statistics Canada said the country's trade deficit with the world ballooned to $2 billion in November from $552 million in October as merchandise imports rose 2.7 per cent and exports fell 0.9 per cent.
"It looks like trade will take another bite out of already weak economic growth," said Sal Guatieri, senior economist at BMO Capital Markets in a note.
"Total exports are now 6.3 per cent below year-ago levels, the worst performance in three years, while imports are flat."
Commodities were weaker, with February crude down 47 cents to $93.35 a barrel on the New York Mercantile Exchange.
Gold prices backtracked with the February contract down $4 to US$1,674 an ounce.
Read more Business News
- Hospital gets new towerPenticton / S. Okanagan - 3:34 pm
- Sh*t Parkers of KelownaKelowna - 3:31 pm
- Boonstock organizers talkPenticton / S. Okanagan - 3:29 pm
- Hot and dry raises fire ratingCentral Okanagan - 2:38 pm
|QHR Technologies Inc||1.22||+0.02|
|Anavex Life Sciences||0.26||-0.0075|
|Copper Mountain Mining||2.83||-0.03|
|Sunrise Resources Ltd||0.03||-0.005|
|Mission Ready Services||0.15||-0.005|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...