Tuesday saw the value of the monetary unit of Canada slightly gain against its southerly rival but those increases were tempered by the great unknown of a tight presidential election in the nation's top trade partner, Reuters reports.
Ongoing political and civil struggles in debt-hobbled Greece also tempered gains to the loonie as the Aegean nation saw protests in anticipation of legislators enacting cuts to wages and pensions on Wednesday. But analysts kept a close eye on the race between U.S. President Barack Obama and challenger Mitt Romney, which polls suggest will be very close.
"Election Day comes with the presidential race too close to call and some trepidation about whether a firm winner might even be declared by tomorrow," a commentary from RBC Dominion Securities stated on Tuesday, according to The Canadian Press.
Of key concern is how the next president and the houses of congress will deal with the imminent dangers caused by the fiscal cliff.
A commodity-linked monetary unit, the loonie followed increases achieved by tradables on the commodity complex as the economy of the natural-resources rich country is sustained by its exports.
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