Canadian Forex Midday: C$ Higher

By Commodity News Service Canada

Winnipeg, July 23 – The Canadian dollar was higher against its US
counterpart at midday Tuesday, boosted by positive Canadian retail
sales data for May.
Retail sales increased 1.9% to C$40.4 billion in May, which was
the largest rate of growth since March 2010, according to Statistics
Canada. The gain was significantly higher than the 0.4 increase that
economists had originally forecast.
Higher sales were reported in 9 of 11 subsectors, representing 94%
of total retail trade. The largest increase among all subsectors was a
4.3% gain by motor vehicle and parts dealers.
At 11:30 CDT Tuesday, the Canadian dollar was trading at US$0.9712
or US$1.0296, which compares with Monday’s North American close of
US$0.9667, or US$=$1.0344.
Losses in commodities, including crude oil and gold, limited some
of the loonie’s gains on Tuesday.
At 11:30 CDT Tuesday, the Toronto Stock Exchange was down 20.45
points to sit at 12,737.93.