Tuesday saw the monetary unit of Canada lose value against the world's reserve currency as top political leaders in the U.S. were believed to be making significant progress toward an agreement to avoid damages of the fiscal cliff, Bloomberg reports.
The Canadian dollar marked its top advance in five days on Monday against the U.S. dollar but one day later the loonie was edging down. So too was the monetary unit demonstrating a poor performance against its top rival currencies.
The Canadian dollar has been laggardly during "a lack of interest to add to what are already fairly aggressive long position[s] in both the Canadian and Australian dollars," foreign exchange managing director Jack Spitz with National Bank of Canada in Toronto told the news source on Tuesday. "We'll see some catch-up by the commodity currencies at some point in time in the North American session."
President Barack Obama and Speaker of the House John Boehner were pushing toward more progressive negotiations as part of the effort to avoid the implementation of automatic tax increases and spending cuts once the new year dawns.
Obama and Boehner have relaxed demands that previously were sacrosanct during negotiations, The Canadian Press reports.
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