Canadian Dollar Falls to Lowest Since 2011 as CPI, Retail Slow

The Canadian dollar fell to an almost two-year low after the nation’s inflation rate in May accelerated at a slower rate than economists forecast and retail sales for April rose less than projected.

The currency registered its biggest weekly decline since September 2011 as the consumer price index gained 0.7 percent in May from a year ago, following a 0.4 percent April gain that was the slowest since October 2009, while retail sales added 0.1 percent, Statistics Canada said from Ottawa. The currency dropped versus the majority of its most-traded counterparts as crude oil, the country’s biggest export, erased earlier gains.