Thursday saw the value of Canada's monetary unit increase to its top price in 2012 when compared with the world's reserve currency, Reuters reports.
The Canadian dollar was propelled higher in value by news about Greece and its private creditors arriving at a pact that is likely to open the channels for the Aegean nation to receive an international bailout package worth the equivalent of $173 billion in euros. Much of the funding of the country's second tranche package since June 2010 is earmarked to prevent a default on loan obligations, which is due in the middle of next month.
"That would attract some investor confidence to the market and should give the euro a bit of a boost, and it's actually also attracting some offers into the U.S. dollar," foreign exchange managing director Jack Spitz with National Bank told the news service.
Crude oil futures' upward drive in value also boosted the monetary unit of Canada, whose economy is based on exporting its natural resources.
Other commodities also were driving higher in value Thursday morning in anticipation of the deal between Greece and its private creditors, according to The Canadian Press.
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