Efforts by euro zone leaders to prevent the sovereign debt scourge from spreading its tentacles was the significant driver of the loonie's increase in value. Black Friday sales, the traditional first day of shopping for the holidays in the U.S., also were a strong contributor to the Canadian monetary unit's successes on Monday.
"Although there remain significant risks out there, so far signs suggest that the worst case scenario of European financial collapse and deep global recession may yet be avoided," analyst Colin Cieszynski with CMC Markets told the news service. "The number of European and resource currencies that gapped higher when returning from the weekend is encouraging."
Brussels is set to host a Tuesday meeting of euro zone finance ministers who are expected to approve the increased size of the European Financial Stability Facility, the tool designed to stave off the debt scourge's attack on additional nations.
The euro and global stocks also gained in value, which Reuters reports the loonie followed.
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