By Commodity News Service Canada
WINNIPEG, June 22 (CNS Canada) – The Canadian dollar was weaker Friday morning, as softer-than-expected domestic economic data weighed on the currency.
At 9:00 CDT Friday morning the Canadian dollar was at US$0.7505 or C$1.3324, which compares with Thursday’s North American close of US$0.7513 or C$1.3310.
Canadian retail sales fell by 1.2 per cent in April to C$49.5 billion, according to a report from Statistics Canada. The drop was the biggest in two years and surprised analysts, who had generally anticipated no change on the month. The disappointing sales data was seen lowering the possibility of an interest rate increase in the near future.
In other domestic data, Canada’s consumer price index held steady at 2.2 per cent in May, according to Statistics Canada. Average pre-report expectations had been for a slight increase.
The TSX was stronger at 9:00 CDT, up 115.47 points at 16,450.62.
