Canadian dollar pares gains after soft GDP data

Tue Jan 31, 2012 8:47am EST
 
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TORONTO (Reuters) - The Canadian dollar weakened against the U.S. currency on Tuesday after data showed Canada's economy unexpectedly contracted in November for the first time since May as oil and gas extraction declined sharply.

Canada's dollar slid to C$0.9992 shortly after the release of the GDP data by Statistics Canada. Earlier it had firmed to C$0.9966. On Monday, the Canadian dollar finished at C$1.0028 to the U.S., or 99.72 U.S. cents.

(Reporting By Jon Cook; Editing by Jeffrey Hodgson)