Canadian Dollar Rallies On Strong Retail Sales Data
(RTTNews) - The Canadian dollar moved up against its major counterparts during the New York session on Friday, as the nation's retail sales rose unexpectedly in September.
Data from Statistics Canada showed that retail sales rose 0.6 percent in September following a 0.1 percent drop in the previous month. Economists had expected retail sales to come in flat.
Core retail sales, excluding motor vehicle and parts dealers edged up 0.2 percent, defying expectations for a decline of 0.2 percent. The rate was unchanged from August, which was revised up from a 0.1 percent increase.
The loonie climbed to a multi-week high of 1.3620 against the greenback and an 8-day high of 109.78 against the yen, off its early 2-day lows of 1.3711 and 108.90, respectively.
The loonie firmed to 0.8954 against the aussie, from an early 2-day low of 0.8998.
The loonie touched 1.4885 against the euro, setting an 8-day high.
The next possible resistance for the currency is seen around 1.34 against the greenback, 113.00 against the yen, 0.875 against the aussie and 1.46 against the euro.
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