Canadian dollar ends flat on data, oil price

Wed Aug 20, 2008 5:03pm EDT
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* Canadian dollar retreats on retail data, oil slide

* Bonds give back some of their recent gains

By John McCrank

TORONTO, Aug 20 (Reuters) - The Canadian dollar ended flat against the U.S. dollar on Wednesday, taking a hit from June retail sales data and a retreat by oil prices later in the session, which gave traders an opportunity to take profits on the greenback.

Bond prices ended lower as investors rejigged their books after a week of steep gains.

The Canadian dollar closed at C$1.0612 to the U.S. dollar, or 94.23 U.S. cents, just a tad down from C$1.0610 to the U.S. dollar, or 94.25 U.S. cents, at Tuesday's close.

The currency spent the session in a fairly wide range of C$1.0570 and C$1.0653.

"The bulk of the price action was after the retail sales number got out of the way and on the oil prices side as oil prices sold off," said Dustin Reid, senior foreign exchange strategist at ABN-AMRO in Chicago.

"Since then I think there has been some consolidation and profit-taking (in the U.S.-Canadian currency pair)."   Continued...