Slipping oil prices had no impact on slight gains achieved by the Canadian dollar on Tuesday, The Canadian press reports.
Though the energy commodity is the natural-resources-rich country's top export, the loonie was performing strongly against its southerly rival. Additional commodity complex tradables also were losing value.
The Canadian dollar is likely to be somehow impacted by ongoing developments in the euro zone as the 17-nation bloc struggles with the sovereign debt crisis.
Spanish fiscal concerns are progressively gaining after euro zone finance ministers last weekend approved as much as 100 billion in euros to aid the hobbled banking system. Optimism is decaying about the prospects of success for Spain, whose government's large debt load is prompting speculation that the nation might require a sovereign bailout like three other euro zone nations.
Greece has accepted two bailout packages since June 2010 while Portugal and Ireland also have received tranches of aid following damages caused by the sovereign debt crisis.
Reuters reports Greece, for a second time since early May, is set to conduct national elections this Sunday. Fears abound regarding the Aegean nation's election and whether the new leadership will abide by requirements outlined for the bailout aid.
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