By Commodity News Service Canada
WINNIPEG, August 12 (CNS Canada) The Canadian dollar strengthened against its US counterpart Friday morning, up with crude oil and unfavourable US data.
US retail sales were unexpectedly flat in July, as American shoppers cut back on purchases, dimming prospects of third-quarter acceleration in economic growth and a US Federal Reserve interest rate hike, according to the US Commerce Department.
July’s retail sales were unchanged from an upwardly revised 0.8 per cent in June, 2.3 per cent higher from last year.
Oil prices also edged higher with the weaker greenback, maintaining Thursday’s highs, which were bumped up more than four per cent after Saudi Arabia energy minister Khalid al-Falih said oil producers would discuss potential action to stabilise oil prices next month.
At 8:55 CDT Friday, the Canadian dollar was at US$0.7722 or US$=C$1.2950, which compares with Thursday’s North American close of US$0.7704 or US$1=C$1.2980.
The TSX was down 6.88 points, or 0.05 per cent, at 8:55 CDT Friday morning to sit at 14,789.18.
