Canadian Dollar Appreciates Versus U.S. Peer Before Greeks Vote


16/06/2012 02:02 AST  Bloomberg

Canada’s dollar gained against its U.S. counterpart as traders squared positions before Greek elections in two days that may foreshadow the first exit from the 17-nation currency union.

The currency declined against 10 of its 16 major peers on concern crude oil will fall below $80 a barrel, even as stocks rose on speculation the Federal Reserve will initiate a third round of quantitative easing. Canada’s dollar extended a loss after Statistics Canada said factory sales fell for the third time in four months.

“Investors are really waiting to see what happens over the weekend,” Shaun Osborne, chief currency strategist at Toronto- Dominion Bank’s TD Securities unit, said by e-mail. “Our view is that uncertainty persists beyond Sunday, event risk is significant and the Fed disappoints those looking for easing next week. The U.S. dollar should recover.”

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