2 Min Read
* C$ at C$1.0380 vs US$, or 96.34 U.S. cents
* Canadian retail sales positive
* Bond prices flat to higher across curve
By Jennifer Kwan
TORONTO, Nov 22 (Reuters) - Canada's dollar was little changed against U.S. currency on Tuesday as higher commodity prices and firm domestic data were offset by news the U.S. economy grew at a slightly lower pace than previously estimated.
U.S. gross domestic product grew at a 2.0 percent annual rate in the third quarter, down from the previously estimated 2.5 percent. [ID:nCAT005556]
Shortly after the data, the currency CAD=D4 tapped a low of C$1.0413 against the greenback, or 96.03 U.S. cents.
That report overshadowed Canadian data that showed consumers spent more than expected on retail purchases in September in a sign of robust economic growth in the third quarter. [ID:nN1E7AL07F]
"Core retail sales for Canada doesn't really matter in the back drop of what's going on," said John Curran, senior vice president at CanadianForex, a commercial foreign exchange dealing firm. "It's not a nice story out there."
At 9:34 a.m. (1434 GMT), the currency CAD=D4 was at C$1.0380 against the greenback, or 96.34 U.S. cents, down slightly from Monday's close at C$1.0378, or 96.36 U.S. cents.
On Monday, the Canadian dollar pierced a trading range that it had clung to for weeks, falling to a six-week low of C$1.0419 to the greenback, or 95.98 U.S. cents. Currency strategists suggested the next key support level would be around C$1.0500 to the U.S. dollar.
The Canadian currency had skidded as fears about government debt in the United States added to the high anxiety about Europe and spurred another flight to safe-haven assets.
Canadian government bond prices were flat to higher across the curve, with the two-year bond CA2YT=RR up 1 Canadian cent to yield 0.897 percent, while the 10-year bond CA10YT=RR ticked 8 Canadian cents higher to yield 2.096 percent. (Editing by Jeffrey Hodgson)