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Forex News: Canadian Dollar Slides As Retail Sales Growth Slows

Canadian Dollar Slides As Retail Sales Growth Slows

06/21/2019 - 09:49:00 (RTTNews)

(RTTNews) - The Canadian dollar drifted lower against its most major counterparts in the European session on Friday, as a data showed that nation's retail sales grew at a slower pace in April.

Data from Statistics Canada showed that retail sales rose for the third consecutive month, albeit at a slower rate in April.

Retail sales edged up 0.1 percent month-on-month in April, following a revised 1.8 percent increase in the previous month. Sales were forecast to rise 0.2 percent.

Core retail sales, excluding motor vehicle and parts dealers, rose 0.1 percent on month, after a revised 1.3 percent gain in March. Economists has expected a 0.4 percent increase.

Meanwhile, oil prices extended gains after the New York Times reported that U.S. President Donald Trump had approved targeted military strikes against Iran in retaliation for shooting down a U.S. drone, before pulling back at the last minute.

Planes were in the air and ships were in position, but no missiles had been fired when word came to stand down on Thursday night, the New York Times quoted an unnamed official as saying.

The loonie was trading mixed against its major counterparts in the Asian session. It was holding steady against the euro and the yen, but up against the greenback. Versus the aussie, it dropped.

The loonie fell to a 2-day low of 1.4944 against the euro from Thursday's closing value of 1.4895. If the loonie falls further, 1.52 is likely seen as its next possible support level.

Flash survey data from IHS Markit showed that Germany's private sector growth remained unchanged in June.

The flash composite purchasing managers' index, or PMI, showed a reading of 52.6 in June, same as seen in May. Economists had forecast a reading of 52.5.

The loonie ticked down to 1.3204 against the greenback, following a high of 1.3162 hit at 10:00 pm ET. The loonie is seen finding support around the 1.35 level.

The Canadian currency eased off to 81.38 against the yen, from a high of 81.59 seen at 6:45 am ET. The next possible support for the loonie is seen around the 79.00 level.

Data from the Ministry of Communications and Internal Affairs showed that Japan consumer prices increased 0.7 percent on year in May.

That was in line with expectations and down from 0.9 percent in April.

In contrast, the loonie held steady against the aussie, after rising to near a 9-month high of 0.9105 at 7:15 am ET. The pair had ended yesterday's trading at 0.9132.

Looking ahead, U.S. existing home sales for May and Markit's services PMI for June are due shortly.

For comments and feedback: contact editorial@rttnews.com

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