Cautious optimism for Greece surmounting one hurdle benefited the Canadian dollar against the U.S. dollar on Tuesday but the monetary unit's gains were minimal, Reuters reports.
As finance ministers with the euro zone nations meet in Brussels to discuss the disbursement of emergency aid for the Aegean nation, the commodity-linked Canadian dollar was demonstrating a mixed performance against many of its rival currencies. Greece is a two-time recipient of bailout aid as a result of damages caused by the sovereign debt crisis during the past three years.
"We've seen some bigger things overnight that haven't moved the market, so we'll pay attention to what we've been paying attention to for the last little while – equities and risk appetite," foreign exchange sales director Matt Perrier with BMO Capital Markets told Reuters on Tuesday.
The loonie advanced against the Australian dollar, which also is a commodities-linked monetary unit. But the Canadian dollar lost value against the 17-nation common currency.
Chairman Ben Bernanke with the U.S. Federal Reserve is set to deliver remarks later in the day on Tuesday and those words are likely to impact the value of the Canadian dollar, The Canadian Press reports. The U.S. and Canada share strong relations for commerce and trade.
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