Investing.com - The U.S. dollar was higher against its Canadian counterpart on Monday, as delays in negotiations between Greece and its creditors on the terms of a second bailout weighed on demand for riskier assets.
USD/CAD hit 0.9990 during early U.S. trade, the daily high; the pair subsequently consolidated at 0.9980, climbing 0.46%.
The pair was likely to find support at 0.9927, the day’s low and resistance at 1.0026, the high of October 31.
Greek officials indicated earlier that a meeting between Greek Prime Minister Lucas Papademos and coalition party leaders was likely to take place later in the day, amid hopes that an agreement on a EUR130 billion bailout package would be finalized.
Meanwhile, a spokesman for the European Commission said that Greece has gone beyond the deadline for finalizing talks on a second bailout and warned that Athens urgently needs to take a decision.
Sentiment found brief support earlier after official data showed that German factory orders rose more-than-expected in December, on the back of increased demand from outside the euro zone, easing concerns over a slowdown in the region’s largest economy.
But the loonie also came under pressure as crude oil for delivery in March tumbled 0.99% to trade at USD96.87 a barrel on the New York Mercantile Exchange.
Raw materials, including oil account for about half of Canada’s export revenue.
Elsewhere, the loonie was higher against the euro with EUR/CAD declining 0.31%, to hit 1.3032.
Later in the day, Canada was to produce a report on the Ivey purchasing managers’ index.
USD/CAD hit 0.9990 during early U.S. trade, the daily high; the pair subsequently consolidated at 0.9980, climbing 0.46%.
The pair was likely to find support at 0.9927, the day’s low and resistance at 1.0026, the high of October 31.
Greek officials indicated earlier that a meeting between Greek Prime Minister Lucas Papademos and coalition party leaders was likely to take place later in the day, amid hopes that an agreement on a EUR130 billion bailout package would be finalized.
Meanwhile, a spokesman for the European Commission said that Greece has gone beyond the deadline for finalizing talks on a second bailout and warned that Athens urgently needs to take a decision.
Sentiment found brief support earlier after official data showed that German factory orders rose more-than-expected in December, on the back of increased demand from outside the euro zone, easing concerns over a slowdown in the region’s largest economy.
But the loonie also came under pressure as crude oil for delivery in March tumbled 0.99% to trade at USD96.87 a barrel on the New York Mercantile Exchange.
Raw materials, including oil account for about half of Canada’s export revenue.
Elsewhere, the loonie was higher against the euro with EUR/CAD declining 0.31%, to hit 1.3032.
Later in the day, Canada was to produce a report on the Ivey purchasing managers’ index.