The CAD firmed against a broadly weakening USD as positive sentiment in Europe helped to push the Canadian dollar within one penny of parity. The USD was recently at C$1.0078 Monday, from C$1.0133 late Friday. The CAD was underperforming much of the foreign exchange market ahead of North American markets opening as oil prices remained below $100 per barrel and other commodity prices were rising. Markets in Asia were closed due to the Lunar New Year holiday. European markets were lifted in otherwise quiet trading as German chancellor Angela Merkel said the European Stability Mechanism permanent bailout fund and the new European Union fiscal pact need to be put in place as soon as possible. Meanwhile, Greece continued to negotiate with creditors over a debt swap deal.
EasyForexNews Research Team