Canadian dollar slides to weakest in six weeks after economic data disappoint

, International

Declining retail sales and climbing inflation knocked the wind out of the loonie rally this morning, pushing the currency down to 76 cents.

The Canadian dollar reached the weakest level in six weeks as a report showed retail sales in March fell more the forecast.

The currency weakened against most of its major peers as sales declined 1 per cent, compared with a forecast for a 0.6 per cent decline, according to a median estimate of 20 estimates compiled by Bloomberg. A separate showed Canada’s inflation rate accelerated for the first time in three months in April on higher food costs and reduced drag from gasoline.

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