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- American focus: the Canadian dollar traded near the lowest level in almost three weeks versus its U.S. counterpart as a report showing slower inflation overshadowed another that said retail sales rose more than forecast.
American focus: the Canadian dollar traded near the lowest level in almost three weeks versus its U.S. counterpart as a report showing slower inflation overshadowed another that said retail sales rose more than forecast.
Canada’s currency, nicknamed the loonie, fell versus most of its 16 major peers. It pared losses as stocks and crude oil, the nation’s biggest export, rose. The consumer price index increased less than economists anticipated, bolstering bets that the central bank will keep interest rates on hold.
“The CPI number wasn’t enough to change perceptions of the Bank of Canada, and the retail sales number, which might have caused a little bit more Canadian dollar strength, actually had a little bit of a squishy undertone,” said David Watt, senior currency strategist at Royal Bank of Canada’s RBC Capital unit in Toronto. “We’re still weaker than yesterday’s close, but it’s pretty tightly packed around that closing level.”
Consumer prices advanced 2 percent in November from a year earlier after a 2.4 percent gain in October, Statistics Canada said today in Ottawa. The median forecast of 22 economists in a Bloomberg News survey was for a 2.2 percent pace.
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