Canadian Dollar Drops As Retail Sales Miss Expectations
(RTTNews) - The Canadian dollar weakened against its most major counterparts during the New York session on Friday, as the nation's retail sales came in lower than expected in May.
Data from Statistics Canada showed that retail sales eased to 0.2 percent in May from a revised 1 percent in April. The rate was forecast to rise to 0.5 percent.
Core retail sales, excluding motor vehicle and parts dealers, were unchanged in May following a revised 1.2 percent increase in the previous month. Economists had expected core retail sales to rise by 0.3 percent.
Investors looked ahead to the Federal Reserve's highly anticipated monetary policy decision due next week.
With the Fed widely expected to raise interest rates by another 25 basis point, traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.
The loonie was down against the greenback, at a 3-day low of 1.3224. The currency may locate support around the 1.34 level.
The loonie retreated to 1.4709 against the euro and 106.91 against the yen, from an early 9-day high of 1.4632 and a 2-week high of 107.80, respectively. The next possible support for the currency is seen around 1.48 against the euro and 105.00 against the yen.
In contrast, the loonie held steady against the aussie, after rising to a 9-day high of 0.8879 at 7:30 am ET. The pair was worth 0.8928 at yesterday's close.
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