Supported by steady commodity prices, the Canadian dollar was higher against its U.S. counterpart on Tuesday morning, but off its highs as Canadian retail sales data for January came in lower than expected.
Retail sales fell by 0.3 percent in January from December, dragged lower by weaker new-car sales, Statistics Canada said. Other data showed Canada’s leading indicator for February was up 0.8 percent from January on strength in the manufacturing sector but that was insufficient to offset the impact of the retail figures.
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