The Canadian dollar on Monday scaled back to its lowest since April as oil prices declined following Greeks rejected the bailout package in Sunday’s referendum.
US crude closed at $52.52 a barrel, while Brent crude stood at $56.54.
The loonie traded at 79.04 US cents from Friday’s 79.62 US cents.
The currency is sandwiched in the crossfire in the flight to safety. Then, there are certain factors “with the Bank of Canada’s business outlook survey that still remains fairly weak,” said David Tulk, Chief Canada Macro Strategist at TD Securities.
The material has been provided by InstaForex Company – www.instaforex.com