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TORONTO, March 22 (Reuters) - The Canadian dollar fell against its U.S. counterpart on Tuesday on disappointing January retail sales data.
The currency CAD=D4 fell to C$0.9782 to the U.S. dollar, or $1.0223, down from C$0.9756, or $1.0250 just before the data was released at 8:30 a.m. (1230 GMT).
The data offers further hints on the state of the Canadian economy and could help refine expectations on when the Bank of Canada might raise interest rates for the first time this year.
Primary dealer forecasts for when the central bank will increase rates were largely split between its May 31 and July 19 policy announcement dates, according to a Reuters poll last week. [ID:nN18126761] (Reporting by Solarina Ho; Editing by Theodore d'Afflisio)