The Canadian dollar was ebbing and flowing on Friday against the world's reserve currency after the release of tepid economic data and gains for the country's top commodity, according to published reports.
Factory sales fell 2.4 percent from March to April, which Reuters reports was significantly different than expectations of gains of 0.3 percent. That also marks the metric's biggest losses in almost four years and the fourth time falling in the past five months.
"The strength in the Canadian data of late – the good housing, the good unemployment – have really provided decent support for Canadian dollar," senior economist and foreign exchange strategist Benjamin Reitzes with BMO Capital Markets told the news service on Friday. "Going forward, I'm not convinced the Canadian dollar's going to be able to hang in here."
At 11:18 a.m. on Friday, West Texas Intermediate crude oil futures rose 1.27 percent, a gain of $1.23 to $97.92 per barrel. Brent crude oil futures increased 1.36 percent, a $1.43 lift to $106.38 per barrel.
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