The Canadian dollar relinquished some of last week’s advances versus the US dollar Monday, buoyed by Greece’s €750 million payment to the International Monetary Fund and easing crude prices kept the currency under pressure.
The Greek government ordered the repayment of €750 million loan instalment to the institution, banishing insolvency worries and default.
US oil prices were at $59.24, while Brent crude closed at $64.86.
Canada has been in the middle of the road. It is gaining certain interest as “a North American currency … but there’s no data this week in Canada that’s going to be influential,” said Jack Spitz, Managing Director of Foreign Exchange at National Bank Financial.
The loonie closed at 82.58 US cents from Friday’s 82.71 US cents.
Also, over the weekend, the People’s Bank of China reduced interest rates for the third time in six months, seeking to bolster its economy on the verge of its worst year in a quarter century.
The material has been provided by InstaForex Company – www.instaforex.com