U.S. Commerce Department

U.S. Commerce Department: The currency dropped 0.86 of a cent to 91.34 cents US as the U.S. Commerce Department reported retail sales rose 0.2 per cent last month, higher than the 0.1 per cent increase that economists expected, according to 660 News. The loonie has been under pressure recently from a rising trade deficit, a much worse than expected employment report for December and U.S. dollar strength based on the conviction that the Federal Reserve will continue to curtail its massive bond buying program throughout much of this year and TORONTO The Canadian dollar closed sharply lower Tuesday as a host of concerns continued to plague the loonie while the greenback strengthened amid a couple of strong economic reports. Other data showed U.S. companies built up their stockpiles in November by 0.4 per cent as their sales improved. Continued growth in inventories suggested businesses believe consumers will increase spending in the months ahead. (www.immigrantscanada.com). As reported in the news.