Canadian dollar drops on retail decline
The Canadian dollar has weakened against its US counterpart, reaching its lowest level in two months at 1.4125 Canadian dollars per US dollar. This decline is attributed to a 0.7% drop in Canadian retail sales in July, coupled with weak domestic demand and investor optimism about a possible increase in US interest rates. Meanwhile, the US dollar rose to its highest level in two months amid continued expectations of interest rate hikes by the Federal Reserve, which negatively impacts the Canadian currency and puts additional pressure on Canada's economy.
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