Posted On: August 24, 2012
The value of the monetary unit of Canada stabilized against its southerly rival as cautious investors waited on the sidelines to determine how much monetary stimulus central banks will supply the economies they support, Reuters reports
Though the Canadian dollar was not very active against the world's reserve currency, it reversed its losses against the common currency of the European Union after three days of losses.
"Dollar/Canada remains kind of pigeon-holed here," director of foreign exchange
sales Matt Perrier with BMO Capital Markets told the news source. It "seems to get sidelined between broader (U.S.) dollar moves and cross-related moves."
German chancellor Angela Merkel noted on Friday that debt-hobbled Greece ought to remain among the 17-nation euro bloc, while also underscoring all of the effort that the country has put into working on its debt troubles.
The Canadian Press reports
that the commodity-linked Canadian dollar was drawn down slightly on Friday morning because of reductions to oil, the nation's top export and a boon for its economy. Metal prices also were on the wane.
Category: Industry News
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