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Canadian Dollar's Retail Recovery Marred by Market Gloom as Loonie Heads for Worst Week Since March 2020
The Canadian Dollar plumbed the bottom of the major currency barrel ahead of the weekend and was on course for its worst week since March 2020 as a gloomy market of risk-averse traders overlooked signs of a robust pending recovery for Canada's economy. Statistics Canada data showed Canadian retail sales rose by 4.2% at the end of the second quarter this Friday, slightly less than the 4.4% anticipated by consensus among economists, although core retail sales increased by 4.7% and somewhat ahead of the 4.5% anticipated by the market. The core measure of retailers’ income ignores sales of large ticket items like cars ... (full story)
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