23 July 2009, 17:52  Canadian dollar rises against Yen

In European deals on Thursday, the Canadian dollar edged up to a 5-week high against the yen as oil prices rose above $65 a barrel today. The loonie also showed strength against the greenback, but it fell against the euro and the aussie. U.S. crude oil for September delivery rose 3 cents to $65.43 a barrel at 3.30 am ET, after earlier hitting a low of $65.04. London Brent crude edged up 12 cents to $67.33. Data from the Energy Information Administration showed a 1.8 million-barrel fall in U.S. crude stocks last week, less than the expected 2.1 million-barrel draw, but contrary to Tuesday's American Petroleum Institute report of a 3.1 million-barrel build. Canadian retail sales rose more than forecast in May, bolstered by stronger sales at automotive dealerships and hardware stores, according to data released yesterday by Statistics Canada. Retail sales in current dollars increased 1.2% in May to $34.0 billion, more than offsetting a modest decline in April. Economists were expecting sales to rise a more modest 0.5%.

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