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Canadian dollar set for weekly gain as data signals retail sales rebound

07/23/2021 | 10:31am EDT
FILE PHOTO: A Canadian dollar coin, commonly known as the

TORONTO (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Friday, but was on track to end a volatile week slightly higher as global equity markets rose and a preliminary estimate showed Canadian retail sales recovering in June.

The loonie weakened 0.1% to 1.2582 per greenback, or 79.48 U.S. cents. Since the start of the week, the Canadian currency has gained 0.2%, after three weekly declines.

It was pressured earlier in the week by worries that the Delta variant of the coronavirus would impede the global economic recovery. On Monday, it hit a five-month low of 1.2807.

World stocks rose as a survey showed business activity in the euro zone expanded in July at its fastest monthly pace in over two decades, while oil, one of Canada's major exports, fell 0.6% to $71.46 a barrel.

Still, oil was on track to end the week little changed after a surprising recovery from Monday's slide, underpinned by expectations that supply will remain tight as demand recovers.

Canadian retail sales dropped 2.1% in May from April, Statistics Canada said, less than a 3.0% decline forecast by analysts. A flash estimate for June showed a gain of 4.4% as businesses forced to shut down amid a potent third wave of COVID-19 infections began to reopen.

Last week, the Bank of Canada took a mostly optimistic stance on the country's economy as it cut the pace of bond purchases to C$2 billion per week.

Yields on Canadian government bonds were higher across the curve on Friday as U.S. Treasury yields climbed. The 10-year rose 1.3 basis points to 1.217%, after hitting a five-month low of 1.104% on Tuesday.

(Reporting by Fergal Smith; Editing by Paul Simao)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.23% 0.92672 Delayed Quote.-5.48%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.02% 0.6195 Delayed Quote.-1.62%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.25% 1.75414 Delayed Quote.0.68%
BRITISH POUND / EURO (GBP/EUR) -0.14% 1.1711 Delayed Quote.4.81%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.32% 0.668177 Delayed Quote.4.14%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.47% 86.085 Delayed Quote.6.64%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.23% 0.72945 Delayed Quote.5.27%
EURO / CANADIAN DOLLAR (EUR/CAD) 0.31% 1.49661 Delayed Quote.-3.98%
INDIAN RUPEE / EURO (INR/EUR) 0.14% 0.011578 Delayed Quote.3.20%
LONDON BRENT OIL -0.38% 75.3 Delayed Quote.46.23%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) 0.21% 0.89843 Delayed Quote.-1.84%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.00% 1.2768 Delayed Quote.-0.35%
US DOLLAR / EURO (USD/EUR) 0.32% 0.852878 Delayed Quote.3.81%
WTI -0.92% 71.894 Delayed Quote.50.62%
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