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Canadian dollar dips but on track to climb 1.6% this week

Published 2019-06-21, 09:35 a/m
© Reuters.  Canadian dollar dips but on track to climb 1.6% this week
USD/CAD
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CL
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CA2YT=RR
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CA10YT=RR
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* Canadian dollar falls 0.1% against the greenback

* Canadian retail sales rise 0.1% in April

* Price of U.S. oil increases 0.1%

* Canadian bond prices decline across the yield curve

TORONTO, June 21 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Friday, trimming some of this week's rally, as domestic data showed a smaller-than-expected increase in retail sales in April.

Canadian retail sales grew by 0.1% in April from March, led by higher sales at gasoline stations, Statistics Canada said. While the April increase was less than the 0.2% advance that analysts had expected, March's already large gain was revised higher to 1.3%. 9:07 a.m. (1307 GMT), the Canadian dollar CAD=D4 was trading 0.1% lower at 1.3203 to the greenback, or 75.74 U.S. cents. The currency, which on Thursday touched its strongest in more than three months at 1.3151, traded in a range of 1.3163 to 1.3207.

For the week, the loonie was on track to rise 1.6%, boosted by the prospect of Federal Reserve interest rate cuts, data showing a seven-month high for Canada's annual rate of inflation and a rally in the price of oil, one of Canada's major exports.

Oil added to this week's gains on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, the source of more than one-fifth of the world's crude. U.S. crude oil futures CLc1 were up 0.1% at $57.14 a barrel. government bond prices were lower across the yield curve in sympathy with U.S. Treasuries. The two-year CA2YT=RR fell 3 Canadian cents to yield 1.436% and the 10-year CA10YT=RR declined 13 Canadian cents to yield 1.480%.

On Tuesday, the 10-year touched its lowest intraday yield in two years at 1.383%.

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