Canadian Dollar Rises After Retail Sales, CPI Reports

By Joseph AdinolfiMarketWatch Pulse

The Canadian dollar edged higher Friday after the release of two widely watched pieces of Canadian economic data: consumer-price inflation for July, and retail-sales figures for June. The loonie jumped to 76.56 cents, its highest level of the session, from 76.30 cents just before the data. Retail-sales rose by 0.6% in June, double the consensus estimate from a survey of economists conducted by The Wall Street Journal. Consumer prices increased by 0.1% in July, missing a consensus estimate for 0.2% growth. Core consumer-price inflation, a reading that strips out volatile food and energy prices, was flat. The Canadian economy has struggled with weakening economic growth recently as the price of crude oil, a major export, has plumbed multiyear lows.

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