Canadian dollar hits 11-day low as data points to slowing domestic economy GlobeInvestor
The Canadian dollar weakened to an 11-day low against its U.S. counterpart on Friday as the greenback broadly climbed and data supported the view of a slowing domestic economy that rules out further Bank of Canada interest rate hikes in the near term.
The value of Canadian retail sales fell 0.3 per cent in January from December, the third consecutive decline, pulled down in large part by weak auto sales, Statistics Canada data indicated. Analysts had forecast sales would increase by 0.4 per cent.Separate data from Statistics Canada showed that Canada’s annual inflation rate edged up to 1.5 per cent in February but remained below the Bank of Canada’s 2.0 per cent target for the second successive month.
The Bank of Canada has hiked interest rates by 125 basis points since July 2017 but said this month that there is “increased uncertainty about the timing of future rate increases.” Money markets see about a 50 per cent chance of a cut this year.
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