Canadian Dollar Rallies On Strong Retail Sales Data
November 24 2023 - 5:35AM
RTTF2
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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