The stability of the Canadian dollar near its highest level in two weeks watching retail sales and consumer price data

The Canadian dollar has stabilized during the European market on Friday, within a limited range of trading near the highest level in two weeks versus its US counterpart, as investors awaited important data from Canada on retail sales during July and consumer prices during August, to re-evaluate the recovery of the Canadian economy path and the impact on the future of Canadian interest rates, especially after the recent improvement in oil prices and the Canadian economy depends very much on the sale of oil revenues abroad.

By the time 11:40 GMT the US dollar versus the Canadian dollar trading at 1.3045 from an opening price of 1.3041 after recording the highest price of 1.3089, and the lowest of 1.3029.

The Canadian dollar ended trading yesterday, up by 0.5 percent against the US dollar, in the fourth one-day gain in a row, hitting the highest level in two weeks C $ 1.2999 per one US dollar, and that due to the US currency decline against most major and minor currencies, in addition to the rise in oil prices for the third day in a row and recording its highest level in nearly two weeks.

Investors awaited later in the day many important data from Canada to re-evaluate the path of recovery in the Canadian economy and the impact on the future of Canadian interest rates, especially after the recent improvement in oil prices and the Canadian economy depends very much on the sale of oil revenues abroad.

Retail sales are expected to rise by 0.2 percent in July from a drop of 0.1 percent in June, and with the exclusion of food and fuel are expected to rise by 0.5 percent from a decline of 0.8 percent the previous month.

And the consumer price index expected to rise by 0.1 percent in August from a decline of 0.2 in July, and excluding food and fuel prices are expected to rise by 0.2 percent from a rise of 0.0 percent previously.