Forex
Canadian Dollar Hits Two-Month Low Amid Weak Retail Sales
The Canadian dollar declined against its US counterpart on Thursday, reaching a two-month low as domestic retail sales data failed to alleviate investor concerns about the country's economic outlook.
The currency weakened by 0.2% to C$1.4125 per US dollar or 70.80 US cents after touching C$1.4149 during the session, its weakest level since July 14.
Tony Valente, senior foreign exchange dealer at AscendantFX, attributed the decline to interest rates and the strengthening US dollar rather than a Canada-specific shock.
The US dollar climbed to a two-month high against a basket of major currencies as investors increased bets on further interest rate hikes from the Federal Reserve following recent strong economic data.