The Canadian Dollar advanced against the Greenback as Friday’s retail sales report showed better-than-expected figures. Following the data release, the USD/CAD currency pair marked a sharp decline, falling 0.24% to 1.2572. Statistics Canada reported that the country’s retail sales rose for the third consecutive month in May, surging 0.6% to a record-high of C$48.9B, which was well above expectations for a 0.3% gain. An increase was mainly supported by higher sales of motor vehicles and parts. Moreover, the Bank of Canada, after making the first rate hike in seven years earlier in the month, is expected to make one more rate increase in October, as the strong figures confirmed healthy economic growth.
