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Forex - USD/CAD rises in cautious trade ahead of Greece talks

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Investing.com -

Investing.com - The U.S. dollar rose against its Canadian counterpart on Wednesday, as market sentiment remained under pressure ahead of crunch talks between Greece and European Union officials later in the day.

USD/CAD hit 1.2646 during early U.S. trade, the pair's highest since February 2; the pair subsequently consolidated at 1.2633, gaining 0.37%.

The pair was likely to find support at 1.2446, the low of February 10 and resistance at 1.2771, the high of February 2.

Markets were jittery as Greece's current bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling concerns that a conflict with international creditors could trigger the country's exit from the euro zone.

Athens was expected to ask for a bridge loan to cover its funding needs until September, and to also propose new economic reforms to replace 30% of its massive bailout deal.

Prime Minister Alexis Tsipras's government won a confidence vote on Tuesday evening and reiterated that he will deliver on pre-election pledges to roll back austerity measures and reject an international bailout extension.

The commodity-linked Canadian dollar was also hit by declining oil prices as the current glut in global supplies continued to weigh.

The loonie was lower against the euro, with EUR/CAD rising 0.33% to 1.4294.

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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.

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