Loonie Drops After Canadian GDP Report

By Joseph AdinolfiMarketWatch Pulse

The Canadian dollar dropped Tuesday after a report on the country's third-quarter economic growth included some disappointing details. The U.S. dollar traded at C$1.3376 after the report, up from C$1.3320 shortly before. Canada's economy grew at a 2.3% annualized rate in the third quarter, in line with economists' expectations, after two contracting for two straight quarters. Growth was largely supported by a surge in exports. But the official data revealed that output fell by 0.5% in September, the largest monthly drop since the financial crisis.

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