Canadian Dollar Advances After Upbeat Retail Sales Data
(RTTNews) - The Canadian dollar climbed against its major counterparts during the New York session on Wednesday, as the nation's retail sales exceeded expectations in April.
Data from Statistics Canada showed that retail sales grew by 1.1 percent in April, after falling by a revised 1.5 percent in March. The rate was forecast to rise to 0.2 percent.
Core retail sales, excluding motor vehicle and parts dealers, advanced 1.3 percent in April following a revised 0.4 percent drop in the previous month. Economists had expected core retail sales to rise by 0.4 percent.
The Federal Reserve is likely to resume raising interest rates later this year, Fed Chair Jerome Powell said during testimony before the House Financial Services Committee.
In prepared remarks, Powell reiterated the Fed is likely to continue raising interest rates in an effort to contain stubbornly elevated inflation.
"Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year," Powell said.
The loonie touched 1.3176 against the greenback, its highest level since September 2022. On the upside, 1.30 is possibly seen as its next resistance level.
The loonie appreciated to 107.80 against the yen, setting a 7-1/2-month high. The currency is likely to challenge resistance around the 110.00 level.
The loonie advanced to a 2-day high of 1.4416 against the euro and near a 2-week high of 0.8909 against the aussie, from its early lows of 1.4462 and 0.8987, respectively. The currency is seen finding resistance around 1.42 against the euro and 0.87 against the aussie.
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