Canadian Dollar drops after Retail Sales slowdown in May

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• Canadian Dollar declines versus the US Dollar on Friday after Canadian Retail Sales come out lower than expected in May. 
• The USD also benefits from JPY outflows ahead of the BoJ meeting next week.
• The Greenback is supported by strong Initial Jobless Claims data on Thursday, which showed a sharp fall in new unemployment claimants. 
• Technically the pair is trading in a range above a thick band of support in the upper 1.30s. 

The Canadian Dollar (CAD) weakens against the US Dollar (USD) on Friday, after official data shows Canadian shoppers tightened their belts in May. Canadian Retail Sales rose 0.2% compared to the 0.5% forecast from 1.0% in the previous month, data from Statistics Canada showed.