By Commodity News Service Canada
WINNIPEG, August 19 (CNS Canada) The Canadian dollar weakened slightly against its US counterpart Friday morning, falling with unfavourable Canadian data.
Canadian retail sales fell unexpectedly in June, edging down 0.1 per cent to C$44.1 billion on weaker sales at food and beverage and merchandise stores, according to Statistics Canada.
The decline was significantly lower than the 0.5 per cent gain economists had forecast. Sales in May were also revised down to show no change as opposed to the 0.2 per cent gain initially reported.
Wall Street also opened lower on Friday, with choppy trading throughout the week weighing on the greenback as the corporate earnings season winds down. Investors continue to focus on the timing of the US Federal Reserve’s possible interest rate hike, limiting the loonie’s losses.
At 8:51 CDT Friday, the Canadian dollar was at US$0.7754 or US$=C$1.2987, which compares with Thursday’s North American close of US$0.7833 or US$1=C$1.2767.
The TSX was down 39.42 points, or 0.27 per cent, at 8:51 CDT Friday morning to sit at 14,656.26.
