Canadian inflation cooled slightly in April, bolstering expectations the central bank will hold interest rates steady later this month and weakening the Canadian dollar.

Canadian factory sales rose 1.4% in March, surpassing the 1.2% gain expected by the market, and February's increase was upwardly revised to 2.7% from a previously reported 1.9%, Statistics Canada said.

Uncertainty about NAFTA renegotiations is one of the reasons the Bank of Canada has kept interest rates low, because concern about U.S. trade policy is dragging down business investment, Deputy Governor Lawrence Schembri said.

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