Canadian dollar moves higher amid strong retail sales report, mixed commodities

Photo: The Canadian Press. All rights reserved.

A loonie is pictured in North Vancouver, Dec.31, 2013. THE CANADIAN PRESS/Jonathan Hayward

TORONTO - The Canadian dollar closed higher Wednesday amid a better than expected showing in retail sales in May.

The loonie was up 0.07 of a cent to 93.21 cents US.

Statistics Canada reported that retail sales rose 0.7 per cent in May, which was higher than the 0.6 per cent hike that economists had expected.

However, excluding autos, retail sales rose only 0.1 per cent, short of the 0.3 per cent gain that was forecast.

On the commodity markets, September crude in New York rose 73 cents to US$103.12 a barrel.

August gold dipped $1.60 to US$1,304.70 an ounce, while September copper was unchanged at US$3.21 a pound.