News Column

Canadian Dollar Extends Gain Vs Yen, US Dollar After Retail Sales

July 23, 2014

CANBERA (Alliance News) - The Canadian dollar extended its early advance against the yen and the US dollar in European deals on Wednesday, as nation's retail sales rose more-than-expected in May.

Data from Statistics Canada showed that Canada's retail sales, on a seasonally adjusted basis, edged up by 0.7% on month in May, after climbing 1.1% in April. The reading beat forecasts for a sales growth of 0.6%.

Sales were up 4.0% over-over-year in May.

Core retail sales increased a seasonally adjusted 0.1% on month in May, versus 0.3% rise expected by the economists. The April's figure was revised up by 0.8%.

The loonie strengthened to a 5-day high of 1.0709 against the greenback, after having fallen to 1.0741 in early deals. On the upside, 1.06 is seen as next possible resistance level for the loonie.

The loonie reversed from an early low of 94.44 against the yen, approaching a weekly high of 94.66. If the loonie continues its uptrend, it is likely to find resistance around the 95.5 area.

The loonie rose back to 1.4421 against the euro after the data came out, heading to break its early 6-1/2-month high of 1.4417. Next key upside target for the loonie is seen around the 1.43 mark.

The loonie held steady against the aussie, after declining to more than a 4-week low of 1.0139 at 8:00 am ET. The pair finished yesterday's trading at 1.0084.

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Source: Alliance News

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