TORONTO – The Canadian dollar was higher Monday as traders took in a strong retail reading from the U.S. and looked ahead to the Bank of Canada’s interest rate announcement.
The loonie moved up 0.14 of a cent 91.22 cents US.
The U.S. Commerce Department reported that retail sales for March were up 1.1 per cent from February, higher than the 0.9 per cent rise that economists had forecast.
The government also revised February to a 0.7 per cent gain, more than double its previous estimate. Sales had fallen in January and December amid severe winter weather.
The data was well received as it also pointed to stronger economic growth for Canada’s largest trading partner.
“Although earlier weather-related weakness suggests consumer spending slowed to around three per cent in the first quarter after the best performance in three years in the fourth quarter, the sharp rebound in March retail sales…
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