CANADA FX DEBT-C$ stumbles after weak Canada GDP, US consumer data
* C$ at C$0.9940 to US$, or $1.0060
* Canada GDP growth sputters in Q3, exports fall fast
* U.S. consumer spending falls, points to weak growth in Q4
By Alastair Sharp
TORONTO, Nov 30 (Reuters) - The Canadian dollar weakened against the U.S. currency on Friday as domestic economic growth data disappointed and a fall in U.S. consumer spending pointed to troubles ahead in Canada's biggest export market.
The Canadian economy grew at a weaker-than-expected 0.6 percent annual rate in the third quarter, data showed, as exports fell at the fastest pace in more than three years, business investment sputtered and the housing market cooled.
That growth rate contrasts with the 2.7 percent rate notched in the United States, and was below the 0.9 percent forecast for Canada in a Reuters poll.
The soft number adds to pressure on Canada's central bank to retract its stance that interest rates will need to be raised.
"I think the biggest market impact is that it's likely to have the Bank of Canada sound slightly more cautious, and that's also putting downward pressure on the Canadian dollar," said Camilla Sutton, chief currency strategist at Scotiabank. Continued...