By Commodity News Service Canada
Winnipeg, July 23 – The Canadian dollar moved slightly lower late Wednesday morning, as the market reacted to a retail sales report for the month of May, analysts say.
At 11:40 CDT Wednesday morning, the Canadian dollar was at US$0.9310 or US$1 = C$1.0741, down from earlier levels on Wednesday and from Tuesday’s close of US$0.9320 or US$1 = C$1.0730.
Retail sales rose 0.7 per cent during the month of May, according to Statistics Canada. This was higher than the expected 0.6 per cent increase that economists had forecast.
However, excluding automobile sales, retail sales only rose 0.1 per cent, falling short of the 0.3 per cent gain that was forecast.
At midday on Wednesday the Toronto Stock Exchange was up 60.49 points to sit at 15,375.62.
