Shutterstock photo
Markets

Forex - USD/CAD edges higher as Greece woes hit risk appetite

Shutterstock photo

Shutterstock photo

Forex Pros - The U.S. dollar edged higher against its Canadian counterpart on Monday, as concerns over the Greek debt crisis continued after euro zone finance ministers deferred a final decision on emergency loans to Athens.

USD/CAD hit 0.9850 during early U.S. trade, the daily high; the pair subsequently consolidated at 0.9802, easing up 0.09%.

The pair was likely to find short-term support at 0.9771, last Thursday's low and resistance at 0.9868, Friday's high.

On Sunday, euro zone finance ministers said Greece will get the next round of its existing bailout package in early July, if it can pass new spending and economic reforms by the end of the month.

Greece's parliament was expected to vote on the controversial new austerity package on Tuesday.

Meanwhile, crude oil for delivery in July was trading close to a four-month low on the New York Mercantile Exchange, slipping 0.04% to trade at USD93.30 a barrel.

Raw materials, including oil account for about half of Canada's export revenue.

The Canadian dollar was almost unchanged against the euro, with EUR/CAD inching up 0.02% to hit 1.4019.

With no major economic events scheduled for release on Monday, markets turned their focus to the U.S. Federal Reserve's policy setting meeting later in the week, where it was expected to reaffirm its pledge to hold interest rates near zero for an extended period.

Forex News

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx

Latest Markets Videos