News Column

Canadian Dollar Weakens After Canada Retail Sales

May 22, 2014

CANBERA (Alliance News) - The Canadian dollar edged down against most major rivals on Thursday, as nation's retail sales declined unexpectedly in March.

Data from Statistics Canada showed that Canada's retail sales fell by 0.1% on month in March, after rising 0.5% in February. Sales were forecast to rise to 0.3%.

Excluding auto sales, retail sales edged up to 0.1% in March, below expectations for a 0.3% increase. The prior month saw a sales growth of 0.6%.

The loonie eased back to 92.95 against the yen, from an early 2-day high of 93.30. If the loonie extends decline, 92.00 is seen as its next possible support level.

The loonie that ended Wednesday's trading at 1.0912 against the greenback slipped to 1.0930 following the data. On the downside, 1.10 is seen as next support level for the loonie.

The loonie ticked down to 1.4944 against the euro, coming off from early 2-day high of 1.4894. The next possible downside target for the loonie lies around the 1.506 region.

Meanwhile, the loonie stabilised against the aussie and was trading around 1.0085, after recovering from an early 2-day low of 1.0117. At yesterday's close, the pair was worth 1.0095.

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Source: Alliance News

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