NS: Canadian dollar makes gains as commodity prices shift higher
TORONTO - The Canadian dollar moved higher early Tuesday on an uptick in commodity prices.
The loonie increased 0.22 of a cent to 102.39 cents US before markets opened.
November crude on the New York Mercantile Exchange moved up $1.15 to US$93.06 a barrel.
The December bullion increased $11.40 to US$1,776 an ounce. December copper was ahead 2.8 cents to US$3.76 a pound.
Meanwhile, a report from Statistics Canada said retail sales rose 0.7 per cent to $39 billion in July, more than offsetting a decline in June. The increase was largely weighted in higher sales of cars, trucks and auto parts, as well as general merchandise.
"Today's positive retail data follow a string of earlier negative readings for July, including poor wholesale, factory shipments and international trade numbers," said CIBC World Markets economist Emanuella Enenajor in a note.
"Taken together, today’s data still pegs July’s GDP at roughly flat."
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