Canadian Dollar Declines As Weak Retail Sales Data Lifts Rate Cut Hopes
July 19 2024 - 8:26AM
RTTF2
The Canadian dollar dropped against its major counterparts in
the New York session on Friday, as the nation's retail sales fell
sharply in May, strengthening expectations for a rate cut by the
Bank of Canada next week.
Data from Statistics Canada showed that retail sales fell by 0.8
percent in May after rising by a revised 0.6 percent in the
previous month. Economists had expected retail sales to decrease by
0.6 percent.
Core retail sales, excluding motor vehicle and parts dealers,
declined by 1.3 percent after gaining by a revised 1.7 percent in
April. Core retail sales were expected to drop by 0.5 percent.
The loonie touched 1.3747 against the greenback, its lowest
level since July 2.
The loonie eased to 0.9194 against the aussie, 1.4967 against
the euro and 114.51 against the yen, from an early 10-day high of
0.9173 and 2-day highs of 1.4919 and 115.17, respectively.
The currency is seen finding support around 1.39 against the
greenback, 0.93 against the aussie, 1.50 against the euro and
110.00 against the yen.
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