Market Wire: Canadian Dollar Tumbles as Economy Hits a Brick Wall
The Canadian economy expanded at a much slower-than-expected pace in the second quarter, and began to shrink as higher interest rates hit the housing market and weakened consumer demand last month. Numbers released by Statistics Canada this morning show a 3.3 percent quarter-over-quarter expansion in real gross domestic product, up from a revised 3.1 percent in the first three months of the year. In the second quarter, businesses accumulated inventories aggressively on the back of strong demand, and investment in fixed assets grew at a 14 percent annualized pace, with the oil and gas sector becoming a relative oasis of...