Investing.com - The U.S. dollar rose against its Canadian counterpart on Tuesday, as market sentiment remained under pressure amid ongoing uncertainty over Greece's future in the euro zone.
USD/CAD hit 1.2496 during early U.S. trade, the session high; the pair subsequently consolidated at 1.2512, rising 0.37%.
The pair was likely to find support at 1.2389, the low of February 5 and resistance at 1.2590, the high of February 4.
Investors remained cautious amid concerns over Greece’s future in the euro zone as negotiations with the European Union over the country's debt and bailout continued.
Greek Prime Minister Alexis Tsipras has said he will deliver on pre-election pledges to roll back austerity measures and reject an international bailout extension. Instead, he is seeking a new agreement to cover Greece’s funding needs until June.
Sentiment improved mildly earlier amid rumors the European Commission could propose a six-month extension to Greece's bailout program, which is due to end on February 28.
Meanwhile, the greenback remained supported by the growing possibility of an earlier Federal Reserve rate hike as last week's robust U.S. jobs report saw market players bring forward expectations for the first rate hike to June.
The loonie was lower against the euro, with EUR/CAD edging up 0.14% to 1.4138.