CAD review: Western Union:

Quotes from Western Union:

- The biggest plunge in local retail spending in years weighed on the loonie and had it pennies away from recent six-year lows. Lower gas prices were mostly behind the 2 percent tumble in Canadian retail sales in December which marked the largest fall since April 2010. 

- The disappointing outcome will add more fuel to expectations the Bank of Canada may soon cut borrowing rates further to shore up the commodity-dependent economy. 

- The weaker loonie makes for a more affordable market for CAD buyers. U.S. importers find an even better deal on forwards which are priced at a discount since Canada's base rate at 0.75 percent is above comparable U.S. rates near zero.