Wednesday saw the value of Canadian currency little changed when held against the world's reserve currency as the focus remained on Greece's attempt to secure a second tranche of bailout aid to prevent defaulting on financial obligations, according to Reuters.
Though officials in the Aegean nation and its private creditors were reportedly close to finalizing a deal to deliver the equivalent of $172 billion in euros, the nation is contemplating deep austerity cuts that have caused countrywide unrest. That tranche of bailout aid will be used to keep Greece from defaulting on financial obligations due next month.
"Any sort of good news is already priced into the market. We're apt to see buy the rumor, sell the fact, if we do get something concrete hitting the wires today," foreign exchange sales director Matt Perrier with BMO Capital Markets told the news service.
Minimal economic data released by Canada is keeping the monetary unit within a tight range against its southerly rival, he said.
Though the commodities complex was largely on the rise on Wednesday, The Canadian Press reports the impact on the loonie was minimal, which is unusual considering Canada's economy finds its base in the shipment of its natural resources.
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