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Canadian Dollar Declines After Biggest Weekly Gain Since 2011

The Canadian dollar declined, trimming a gain last week that was the biggest since December 2011, as U.S. retail sales rose less than projected in June, underscoring a second-quarter slowdown in the economy of Canada’s largest trading partner.

The currency weakened for a second day as the yield advantage of U.S. 10-year notes compared with Canadian government debt was 12 basis points, approaching the 19-basis-point difference on July 5 that was the highest since 2011. The Bank of Canada will retain its 1 percent benchmark interest-rate target, according to a Bloomberg News survey before the announcement July 17.