Sunday, July 27th18.9°C
22568
22455

Canadian dollar continues revival amid U.S. retail sales miss, lower commodities

TORONTO - The Canadian dollar continued to advance from multi-year lows late Thursday morning despite mixed commodity prices and a reading on American retail sales that fell short of expectations.

The loonie climbed 0.17 of a cent to 91.1 cents US.

U.S. retail sales for January were down by 0.4 per cent against the 0.3 per cent decline that economists had expected.

Other data showed a slight rise in jobless insurance claims. Applications, which are viewed as a proxy for layoffs, rose 8,000 last week to 339,000.

Meanwhile, a major Canadian report will be released at the end of this week. Statistics Canada releases its reading on manufacturing shipments for December on Friday and economists expect that shipments dipped 0.5 per cent month over month following a one per cent gain in November.

Commodity prices were mixed, as March crude on the New York Mercantile Exchange dipped two cents to US$100.35 a barrel.

April bullion was $5.10 higher to US$1,300.10 an ounce while March copper was unchanged at US$3.25 a pound.

The loonie has enjoyed a solid bounce this month after hitting 4 1/2 year lows of about 89.5 cents US.

There are several reasons for the turnaround, including growing optimism that the Keystone XL pipeline to carry oilsands crude from Alberta to refineries on the Texas Gulf Coast will be built.

Also, economists have been pricing in a lower likelihood of an interest rate cut, the latest job creation data was positive and the federal government's budget on Tuesday was well received.

The Canadian Press


Read more Business News

22704


Recent Trending




Today's Market
S&P TSX15455.04+60.59
S&P CDNX1017.445.79
DJIA16960.57-123.23
Nasdaq4449.564-22.543
S&P 5001978.34-9.64
CDN Dollar0.9255+0.0009
Gold1308.00+4.90
Oil104.30-0.29
Lumber325.50+0.20
Natural Gas3.767-0.014

 
Okanagan Companies
Pacific Safety0.185-0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07-0.01
Anavex Life Sciences0.275-0.005
Metalex Ventures0.08+0.01
Russel Metals35.36-0.21
Copper Mountain Mining2.820.00
Colorado Resources0.21+0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.19+0.01

 





FEATURED Property
17927902798 KLO Road, Kelowna, BC
10073189 bedrooms
$2,975,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...

_








Member of BC Press Council


22685