Investing.com - The U.S. dollar was higher against its Canadian counterpart on Wednesday, re-approaching a three-month peak as ongoing concerns over Greece continued to support safe-haven demand and as a weak building permits report from Canada weighed on the local currency.
USD/CAD hit 1.2768 during early U.S. trade, the session high; the pair subsequently consolidated at 1.2740, gaining 0.27%.
The pair was likely to find support at 1.2652, Tuesday's low and resistance at 1.2779, Tuesday's high and a three-month high.
Markets were jittery after after European leaders handed Greece an ultimatum - it has five days to strike a new bailout deal with its euro zone creditors or face a banking collapse.
The Greek government was to present a formal application later Wednesday for a new rescue package from the European Stability Mechanism, the euro zone’s permanent bailout fund.
If an agreement cannot be reached in time, European Union leaders will hold an emergency summit in Brussels on Sunday to discuss how to contain the fallout from a Greek exit from the euro zone.
In Canada, data on Wednesday showed that building permits dropped by 14.5% in May, compared to expectations for a 5.0% decline. Building permits increased by 12.1% in April, whose figure was revised from a previously estimated 11.6% gain.
The loonie was also lower against the euro, with EUR/CAD advancing 0.80% to 1.4105.