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Canada’s main stock index closed higher Friday to continue its recent streak of gains, while the loonie moved lower on modest inflation and retail numbers.

The annual inflation rate cooled slightly in April to 2.2% to remain just above the 2% cent midpoint of the Bank of Canada’s range, while retail sales climbed 0.6% on stronger auto sales.

The results were somewhat positive, but not enough to increase the chances of more interest rate hikes from the Bank of Canada, said Philip Petursson, chief investment strategist at Manulife Investments.

“Inflation firmed up a little bit in Canada, and retail sales showed a little bit of strength, however our view is the Bank of Canada is going to be reluctant to raise rates more than once, given the other impacts to the Canadian consumer,” he said.

Canadians are already grappling with three rate hikes, tightened mortgage rules, plus the rising oil prices that helped prop up inflation, Petursson said.

“This will on its own act as a headwind to the Canadian economy, so I don’t think the Bank of Canada will necessarily be in a rush to raise rates further,” he said.

Still, the S&P/TSX composite index managed to notch an 11th straight day of gains to close up 18.76 points at 16,162.31, pushed up by health-care and gold stocks.

The rally has seen the index climb 178.99 points this week, and 632.34 points in the past month.

Energy stocks, which have been driving the recent rally for the TSX, retreated slightly as the July crude contract ended down US20¢ at US$71.37 per barrel and the June natural gas contract closed down US1¢ at US$2.85 per mmBTU.

With no increase in interest rate hike expectations and lower crude prices the Canadian dollar averaged US77.64¢, down 0.48 of a U.S.

In New York, the Dow Jones industrial average closed up 1.11 points at 24,715.09. The S&P 500 index ended down 7.16 points at 2,712.97 and the Nasdaq composite index was down 28.13 points at 7,354.34.

The June gold contract closed up US$1.90 at US$1,291.30 an ounce and the July copper contract was down US3¢ at US$3.06 a pound.