TORONTO - The Canadian dollar was down against the American currency Thursday morning amid lower commodity prices and weaker than expected economic growth in the U.S., Canada's biggest trading partner.
The dollar was down 0.11 of a cent to 102.15 cents US.
The latest look at the American economy showed annualized first quarter growth of 1.8 per cent, well below expectations that revised data would show growth of two per cent, largely on the back of stronger than anticipated recent retails sales data.
Also, more people applied for unemployment benefits last week, a sign the job market remains weak. Claims rose by 10,000 to 424,000.
Oil prices were down slightly after surging in the previous session after data showed a much lower buildup of crude inventories in the U.S. last week. Still, the U.S. Energy Department said four-week average oil demand in the U.S. has dropped 5.3 per cent, while gasoline demand fell 2.1 per cent. The July crude contract on the New York Mercantile Exchange declined 21 cents to US$101.11.
Base metal prices were little changed with the July copper contract off one cent at US$4.09.
Bullion prices dipped after investors nervous about the European government debt crisis pushed gold higher for the past four sessions. The June contract in New York was down $5.80 to US$1,520.90.
