Canadian dollar climbs from U.S., German economic data

The value of the monetary unit of Canada increased Tuesday against the U.S. dollar after economic data indicated July saw retail sales in the U.S. climb for the first time in four months, according to Reuters.

The metric's gains were 0.8 percent, according to the U.S. Commerce Department. The Canadian dollar followed the upward trend of assets considered more risky following the biggest gain since February, trumping analysts’ expectations. The metric also suggested that the economic slowdown of the second quarter will not be prolonged.

"It's only one month's data in a fresh quarter, but this is a pretty impressive U.S. retail sales print," states a research note authored by economist Derek Holt with Scotiabank, according to Reuters.

The Canadian Press reports the Canadian dollar also benefited from Germany indicating stronger economic growth than anticipated during the second quarter of the year.

Growth in the nation hosting the euro zone's largest economy was 0.3 percent during the second quarter, which pushed past projections of 0.2 percent growth, yet was shy of first quarter growth of 0.5 percent.