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