Canada's Dollar Falls


Canada's dollar fell for the first time in three days after a government report showed a gain in retail sales was less than forecast during May.

The Canadian dollar weakened versus the 16 most-active currencies. Oil fell below $130 per barrel. Alberta has the largest crude deposits outside the Middle East.

The Canadian dollar depreciated 0.6 percent to C$1.0055 per U.S. dollar at 9:01 a.m. in Toronto, from 99.99 Canadian cents yesterday. One Canadian dollar buys 99.44 U.S. cents.

Crude oil for August delivery fell as much as $2.03, or 1.6 percent, to $129.01 a barrel on the New York Mercantile Exchange. It reached a record $147.27 on July 11.

Sales rose 0.4 percent, compared with a 0.6 percent gain during April. The median forecast of 22 economists surveyed by Bloomberg News was for a 0.6 percent increase.

The currency has traded near parity with its U.S. counterpart this year. It touched a 2008 low of C$1.0379 on Jan. 22, and a high of 97.12 Canadian cents per U.S. dollar on Feb. 28.


TradingEconomics.com, Bloomberg
7/22/2008 6:39:21 AM