Investing.com – The U.S. dollar broke above parity with its Canadian counterpart on Tuesday, as a wave of risk aversion swept financial markets amid uncertainty over Greece's bid to secure an EU-IMF rescue package.
USD/CAD hit 1.009 during European afternoon trade, a 1-week high; the pair subsequently consolidated around 1.0084, gaining 0.73%. The pair was likely to find resistance at 1.0216, the high of April 19, and support at 0.993, last Wednesday's low.
Earlier in the day, Germany's junior coalition party said Berlin was not certain to back a bailout of Greece, sparking fears that the debt-laden state would not secure aid in time to avert a default.
The loonie tumbled versus the yen, meanwhile, with CAD/JPY trading at 92.71, down 1.24%.
Also Tuesday, the Bank of Canada governor, Mark Carney, was due to due to testify in Ottawa before the House of Commons Standing Committee on Finance. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.
USD/CAD hit 1.009 during European afternoon trade, a 1-week high; the pair subsequently consolidated around 1.0084, gaining 0.73%. The pair was likely to find resistance at 1.0216, the high of April 19, and support at 0.993, last Wednesday's low.
Earlier in the day, Germany's junior coalition party said Berlin was not certain to back a bailout of Greece, sparking fears that the debt-laden state would not secure aid in time to avert a default.
The loonie tumbled versus the yen, meanwhile, with CAD/JPY trading at 92.71, down 1.24%.
Also Tuesday, the Bank of Canada governor, Mark Carney, was due to due to testify in Ottawa before the House of Commons Standing Committee on Finance. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.