Prime News: Canadian dollar hits lowest since July 2004 as retail sales rise

The Canadian dollar on Wednesday reached its weakest in over 11 years as retail sales data climbed in July.

Statistics Canada reported retail sales rose 0.5% to C$43.35 billion ($23.69 billion), while retail sales volume increased 0.2% in the month.

The loonie ended at 74.92 US cents from Tuesday’s 75.43 US cents.

People had been stipulating we would get a good driver to “next quarter’s GDP growth and show some positive data,” said Don Mikolich, Executive Director of Foreign Exchange Sales at CIBC World Markets.

Brent ended at $47.75 a barrel, while US crude settled at $44.48.

The material has been provided by InstaForex Company – www.instaforex.com

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