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Forex News: Canadian Dollar Drops After Weak Canada Retail Sales,

Canadian Dollar Drops After Weak Canada Retail Sales, GDP Data

12/21/2018 - 10:12:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the European session on Friday, after data showed that Canadian retail sales and gross domestic product rose less than forecast for October.

Data from Statistics Canada showed that GDP expanded 0.3 percent on a seasonally adjusted monthly basis in October following a 0.1 percent decrease in September. Economists had forecast a 0.2 percent rise.

Separate data showed that retail sales rose in October driven by higher sales at motor vehicle and parts dealers and gasoline stations.

On a month-on-month basis, retail sales increased a seasonally adjusted 0.3 percent in October, while economists were expecting a 0.5 percent gain. Sales grew 0.1 percent in September.

Core retail sales were flat on month after a 0.1 percent uptick in the previous month. Economists were looking for a 0.2 percent increase.

Oil prices fell amid worries a slowdown in the global economy could undercut crude oil demand.

Crude for February delivery dropped $0.72 to $45.55 per barrel.

The loonie held steady against its major counterparts in the Asian session, with the exception of the yen.

The loonie declined to 1.3564 against the greenback, its lowest since May 2017. Next key support for the loonie is seen around the 1.38 mark.

Separate data showed that U.S. durable goods orders rebounded in the month of November.

The Commerce Department said durable goods orders climbed by 0.8 percent in November after plunging by 4.3 percent in October. Economists had expected durable goods orders to jump by 1.6 percent.

The loonie dropped to a 2-day low of 0.9629 against the aussie, from an early high of 0.9565. The loonie is seen finding support around the 0.98 level.

The loonie fell to 81.95 against the yen, off an early high of 82.54. The loonie is likely to find support around the 80.00 level.

The loonie pared gains to 1.5479 against the euro, from an early high of 1.5430. The loonie is poised to find support around the 1.58 area.

Data from the market research group GfK showed that Germany's consumer confidence is set to remain steady at the start of next year as households as the divide between expectations on overall economic situation and personal finances widened further.

The forward-looking consumer confidence indicator is set to show a reading of 10.4 in January, unchanged from December. Economists had forecast a score of 10.3 for January.

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