Investing.com - The U.S. dollar rose to fresh multi-year highs against its Canadian counterpart on Monday, trading at a nearly 6-year peak as investors were still cautious following Greek anti-austerity Syriza party's election win on Sunday.
USD/CAD hit 1.2476 during early U.S. trade, the pair's highest since March 2009; the pair subsequently consolidated at 1.2458, rising 0.31%.
The pair was likely to find support at 1.2355, Friday's low and resistance at 1.2714.
Market sentiment weakened earlier amid concerns over Syriza’s pledge to renegotiate the terms of Greece's €240 billion international bailout and reverse many of the austerity measures imposed by the European Union and International Monetary Fund.
The commodity-linked Canadian dollar was also hit as news of Syriza'a victory sent crude oil futures down to the lowest level in nearly six years on Monday.
The loonie was also lower against the euro, with EUR/CAD advancing 0.83% to 1.4031.
The euro found some support after data earlier showed that German business confidence improved to the highest level in six months in January, easing concerns over the health of the euro zone's largest economy.
The German research institute, Ifo said its Business Climate Index rose to 106.7 this month, above forecasts for 106.3 and up from a reading of 105.5 in December.