TORONTO (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Friday, adding to the previous session’s losses, as escalating trade tensions reduced global risk appetite and investors awaited a speech by the Federal Reserve’s chair.
U.S. stocks opened lower as China’s threat to impose tariffs on $75 billion worth of U.S. goods ratcheted up trade tensions ahead of Fed Chairman Jerome Powell’s speech in Jackson Hole, Wyoming.
Canada exports many commodities, including oil, so its economy could be hurt by a slowdown in the flow of global trade.
The Canadian dollar CAD=D4 was trading 0.1% lower at 1.3315 to the greenback, or 75.10 U.S. cents at 9:46 a.m. (1346 GMT). The currency was trading in a range of 1.3293 to 1.3339.
Oil prices fell sharply one the worsening U.S.-China trade tensions. U.S. crude oil futures CLc1 were down 2.8% at $53.8 a barrel.
Meanwhile, domestic data showed Canadian retail sales were unchanged in June from May. Analysts surveyed by Reuters had forecast a 0.1% decrease.
Reporting by Levent Uslu; editing by Jonathan Oatis
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