Canadian dollar slides to 14-month low as core retail sales fall again

The Canadian dollar fell to a 14-month low against the U.S. dollar, trading at 1.4180, and was down 1.3% on the week. The move was driven by a 9% weekly drop in oil prices and a stronger U.S. dollar after the Federal Reserve struck a hawkish tone. Israel and Hezbollah agreed to a ceasefire, easing fears of Middle East supply disruptions and draining the oil market’s “war premium.” Canada’s April core retail sales declined for a second straight month, pointing to weak underlying domestic demand.