Canadian dollar weakened to 11-year low after soft retail sales

The Canadian dollar weakened on Wednesday after disappointing Canadian retail sales data. The July core retail sales figures fell short of expectations but the headline number met expectations with a 0.5 percent increase. Sales excluding motor vehicle and parts dealers were flat.

The loonie touched its weakest level in more than 11 years against the greenback after the retail sales data. The Canadian dollar ended on Wednesday at C$1.3347 to the USD, or 74.92 U.S. cents, worse than the Bank of Canada’s official close of C$1.3258, or 75.43 U.S. cents on Tuesday.

Also weighing on the Canadian currency is falling oil prices, as Canada produces and exports crude oil. The loonie has plunged some 25 percent since last summer, along side the price of crude.

The post Canadian dollar weakened to 11-year low after soft retail sales appeared first on Forex Circles.

Source:: Canadian dollar weakened to 11-year low after soft retail sales

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