The Canadian dollar devitalized on Monday as global skepticism escalated over whether Greece was slated towards default as negotiations with international lenders broke down.
Greece’s bailout expires Tuesday, and the country needs to make a €1.6 billion payment to the International Monetary Fund. Also, US crude futures finished $1.30 lower at $58.33 a barrel.
The loonie closed at 80.70 US cents from Friday’s 81.20 US cents.
Trading will possibly remain choppy as developments in Greece unveil. Expect volatility to be somewhat high “as liquidity is going to be stretched as we head into the end of the week,” said Scott Smith, Senior Market Analyst at Cambridge Global Payments.
Meanwhile, markets will await the most notable domestic data in the country due Tuesday.
The material has been provided by InstaForex Company – www.instaforex.com