By Commodity News Service Canada
Aug. 22 (CNS Canada) – The Canadian dollar climbed in early trading today amid reports that showed a fourth straight month of increases in retail sales. The loonie was at 0.7973 compared to its U.S. counterpart at 8:48 a.m. CDT, or C$1.2542 per US$1. The dollar closed Monday at US$0.7952 or (C$1.2575 per US$1).
Increased sales by general merchandise, clothing and clothing accessory stores led retail sales to a fourth consecutive monthly increase in June, according to Statistics Canada. Building and garden supplies were also key leaders. Motor vehicle and parts dealers, and gasoline stations posted the largest losses. Retail sales rose 0.1% in June to C$49 billion. With sales of vehicles and parts, and gas stations removed from the equation, retails sales were up 1.1%.
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Stocks of frozen and chilled meats in storage totaled 114,255 tonnes in July, a 12.1% increase from July 2016. Beef in frozen storage decreased 8.9%, while frozen pork stocks were up 24.8% compared to the same month a year ago.
The S&P/TSX was up 9.88 points to 14,961.76 at 8:48 a.m. CDT.
WTI crude gained 30 cents U.S. this morning to US$47.67.
