One condition of Cyprus' bailout included taxing the bank accounts of nationals in order for the country to take on $10 billion in euros to help with its fiscal issues. The economic jitters recall the trying time of the region during the sovereign debt crisis.
"We saw some strong inflows in January. The numbers are not usually anything that moves the market to any significant degree, so I don't think it's anything that's probably going to overshadow the broader focus on risk," chief currency strategist Shaun Osborne with TD Securities told the news source on Monday. "Those correlations did really weaken off quite dramatically at the start of the year. The focus was really on domestic developments. But it's probably moving back toward a focus on external issues as a potential driver for the Canadian dollar."
The monetary unit's downward drive was tempered by reports stating foreigners acquired $13.34 billion-worth of Canadian securities in January.
The Canadian Press reports the monetary unit is pushing toward what normally is its peak period of the year, which is from now through late May
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