Investing.com – The Canadian dollar sank to a 1-week low against the greenback on Monday, as commodity prices fell amid renewed concerns over Greece's debt crisis.
USD/CAD rose to 1.0243 during afternoon European trade, the pair's highest rate since March 12; it subsequently consolidated around 1.0217, gaining 0.46%.
The pair was likely to find support at 1.0062, Friday's low and a 19-month low, and resistance at 1.0361, the high of March 3.
India's surprise interest rate rise last week stung commodity currencies like the loonie, sapping risk demand. Investors, meanwhile, were also concerned ahead of a summit of European Union leaders on Thursday and Friday.
Greek Prime Minister George Papandreou has said he will push for a clear-cut statement during the talks on how the EU would help his country if it were to request financial assistance.
The loonie also tumbled against the yen, with CAD/JPY shedding 0.99% to reach 88.14.
Later Monday, U.S. Treasury Secretary Timothy Geithner was set to speak about financial reforms to a Washington-based think tank, the American Enterprise Institute.
USD/CAD rose to 1.0243 during afternoon European trade, the pair's highest rate since March 12; it subsequently consolidated around 1.0217, gaining 0.46%.
The pair was likely to find support at 1.0062, Friday's low and a 19-month low, and resistance at 1.0361, the high of March 3.
India's surprise interest rate rise last week stung commodity currencies like the loonie, sapping risk demand. Investors, meanwhile, were also concerned ahead of a summit of European Union leaders on Thursday and Friday.
Greek Prime Minister George Papandreou has said he will push for a clear-cut statement during the talks on how the EU would help his country if it were to request financial assistance.
The loonie also tumbled against the yen, with CAD/JPY shedding 0.99% to reach 88.14.
Later Monday, U.S. Treasury Secretary Timothy Geithner was set to speak about financial reforms to a Washington-based think tank, the American Enterprise Institute.