Canadian Dollar Falls As Oil Prices Decline On Grexit Fears
June 29 2015 - 8:22AM
RTTF2
The Canadian dollar lost ground against its major rivals in
European deals on Monday, as worries over a Greek debt default
spooked global markets and hurt the demand of the oil.
Crude for August delivery fell $1.56 to $58.07 per barrel.
Eurozone finance ministers' refused to extend Greece's bailout
on Saturday, heightening fears that the debt-laden nation would
default the IMF payment on Tuesday, which could lead to its exit
from the euro area.
Greece closed its banks until July 6 and introduced a limit of
60 euro on daily cash withdrawals from cash machines in order to
avoid a financial collapse as the failure of debt talks with the EU
makes it difficult to honor the payment due on June 30.
The IMF said it will continue to carefully monitor developments
in Greece and other countries in the vicinity and stands ready to
provide assistance as needed. IMF Managing Director Christine
Lagarde said Sunday, "the coming days will clearly be
important."
The loonie showed mixed performance in the Asian session. While
the loonie declined against the yen and the aussie, it was higher
against the greenback and the euro.
In European deals, the loonie dropped to 1.2369 against the
greenback and 1.3750 against the euro, off early 5-day high of
1.2303 and near 5-week high of 1.3516, respectively. The next
possible support for the loonie may be located around 1.24 against
the greenback and 1.42 against the euro.
Pulling away from an early near 2-year high of 0.9364 against
the aussie, the loonie fell with the pair trading at 0.9480. At
last week's close, the pair was valued at 0.9420. Next possible
support for the loonie may be located around the 0.95 zone.
After falling to near a 5-week low of 98.83 against the yen at
the beginning of today's trading, the loonie showed choppy trading.
The pair was trading at 99.46, compared to Friday's closing value
of 100.48.
At 8:30 am ET, Canada industrial product price index for May is
due.
The U.S. pending home sales data for May is set to be published
at 10:00 am ET.
Euro vs CAD (FX:EURCAD)
Forex Chart
From Mar 2024 to Apr 2024
Euro vs CAD (FX:EURCAD)
Forex Chart
From Apr 2023 to Apr 2024
