Canadian dollar hits 7-month low

The Canadian dollar was at another seven-month low Friday morning amid data showing lower than expected retail sales and tame inflation figures.

The loonie was down 0.26 of a cent to 97.90 cents US in early afternoon trading.

“The decline in retail volumes adds measurable downside risk to GDP in December, which could post a 0.3 per cent contraction, leaving fourth-quarter growth likely tracking below the Bank of Canada’s one per cent call.”

Meanwhile, Statistics Canada says inflation (CPI) rose 0.5 per cent in January compared with a year earlier.

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