CANADA FX DEBT-C$ turns higher, tracks euro and oil price

Wed Jul 14, 2010 12:39pm EDT
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* C$ rises to 97.04 U.S. cents

* Bonds mixed across the curve

* U.S. retail sales lower in June (Updates throughout)

By Ka Yan Ng

TORONTO, July 14 (Reuters) - The Canadian dollar turned higher against the the U.S. currency on Wednesday as the price of oil rallied and weak retail data from south of the border raised concerns about the U.S. recovery.

The Canadian dollar mirrored other major currencies that also reversed course, notably the euro, which rose to a two-month high against the greenback. [FRX/]

U.S. retail sales data for June was the latest in a series of reports to suggest the U.S. economic recovery has slowed in the past few months. [ID:nN14122226]

Earlier in the day, investors took their cue to sell growth-related currencies from weaker European markets and easing oil prices.

But oil, a key Canadian export, turned higher to approach $78 a barrel after a U.S. report showed crude stocks fell much more than forecast and also benefited from the greenback's easing against the euro. [O/R]   Continued...