Canadian dollar is getting a bit of a boost today from the latest retail sales data. While the loonie is struggling against some its major counterparts, overall, the Canadian dollar is seeing improvement today. Gains are somewhat limited, though, as commodity currencies face the reality of falling gold and oil prices.
Loonie saw a small boost earlier today as retail sales data helped the currency against many if its trading peers. Canadian dollar is still largely unchanged against its major counterparts, especially the US dollar, but there are signs of underlying strength for the loonie.
Statistics Canada reports that retail sales picked up 0.6 per cent, while analysts forecasted an increase of 0.5 per cent. The news, since retail sales are a big deal in Canada, helped provide a little support for the loonie. Also showing improvements were wholesale and manufacturing sales.
The news isn’t skyrocketing the Canadian dollar higher, though. Commodity currencies like the loonie continue to struggle, with oil prices dropping as supply concerns ease. Gold prices are dropping as well today. But, with the taper put off in the United States, some expect the loonie to make a move against the greenback soon.
At 14:26 GMT USD/CAD is up to 1.0311 from the open at 1.0284. EUR/CAD is up to 1.3892 from the open at 1.3880. GBP/CAD is down to 1.6473 from the open at 1.6502.
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