A brighter optimism for Cyprus' prospects helped push up the Canadian dollar on Monday against the U.S. dollar as the monetary unit climbed for a fourth consecutive trading session, Bloomberg reports.
The nation is preparing to release gross domestic product data later this week, for which analysts, traders and investors anticipate good news. In the meantime, Cyprus appears to be getting back on track as far as its pursuit of emergency bailout aid is concerned. The European Central Bank said last week that the country must work out agreements with terms and conditions by Monday or the financial institution would freeze out the country.
"We expect capital controls to be announced before banks (re)open on Tuesday and are likely to limit the movement of funds between accounts, cash withdrawals, etc.," chief currency strategist Camilla Sutton with Scotia Capital told The Canadian Press on Monday.
Laiki, the second-largest financial institution in Cyprus, is facing a restructuring in order to acquire the bailout aid, according to The Canadian Press.
Though Cyprus appears to be moving ahead with the effort to acquire bailout aid, the nation is likely to continue impacting foreign exchange markets, The Canadian Press reports.
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