23.07.201423:16:03UTC+00Canadian dollar solidifies modestly, stays in range

The Canadian dollar firmed modestly against the US dollar Wednesday although it stayed within a narrow range, as investors awaited and saw approach to geopolitical risks and domestic retail sales rose.

The retail sales report climbed 0.7% in May, in line with expectations. The figures pushed the loonie shortly to a session high of C$1.0710 but was sustained.

"On balance, (the report) was roughly in line with the market and what we were looking for, so it makes sense that US dollar-Canadian dollar is about where it started the day," said Greg Moore, Senior Currency Strategist at Royal Bank of Canada.

The currency concluded the North American session at C$1.0729 to the greenback or 93.21 US cents, firmer than Tuesday's C$1.0736 or 93.14 US cents.

Also, markets continued to monitor the events in Ukraine and the Middle East. Woes over escalating tensions in the two regions devitalized investor sentiment earlier in the week, but has a more neutral stance to them Wednesday.