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Loonie slides amid strong retail sales report

File photo of Canadian dollar coins.

Jeff McIntosh/THE CANADIAN PRESS

The Canadian dollar was slightly lower late morning Wednesday amid a better than expected showing in retail sales during May.

The loonie was down 0.04 of a cent to 93.1 cents US.

Statistics Canada reported that retail sales rose 0.7 per cent during May, which was higher than the 0.6 per cent hike that economists had expected.

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However, excluding autos, retail sales rose only 0.1 per cent, short of the 0.3 per cent gain that was forecast.

On the commodity markets, September crude in New York rose 74 cents to US$103.13 a barrel.

August gold gained 40 cents to US$1,306.70 an ounce, while September copper was unchanged at US$3.21 a pound.

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