The Canadian dollar erased its earlier gains fell today against the US dollar and the Japanese yen as politician of Greece and other European countries argue about the bailout for the Hellenic Republic. The currency maintained its gains versus the euro.
Greek Finance Minister Evangelos Venizelos said that wealthier eurozone members are “playing with fire” and accused them of attempting to expel Greece from the European Union. Other members of the EU blamed the country for not fulfilling any of the promises that it made to get rescue. The decision about whether Greece would get the bailout was postponed till February 20.
Earlier, the loonie climbed as prices for crude oil increased after Iran stopped exporting the commodity to the United States and the EU. Futures for crude oil rose 0.9 percent to $101.88 per barrel in New York after reaching $102.54. Expanding manufacturing in the USA also helped the Canadian currency, but Europe harmed market sentiment enough to make the loonie reverse its gains.
USD/CAD was up from 0.9987 to 0.9998 as of 23:49 GMT today after it slid to 0.9937. CAD/JPY was down from 78.48 to 78.41, following the advance to 79.01 — the highest since November 1. Meanwhile, EUR/CAD dropped from 1.3113 to 1.3018 before trading at 1.3060.
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