During early North American session on Monday, the Canadian dollar strengthened against other major currencies despite crude oil price fell below $70 per barrel.
The loonie-yen pair rose to 87.22 at 9:05 am ET Monday, from a low of 85.54 hit during early European deals. As of now, the pair is worth 86.82, compared to previous week’s closing quote of 86.58.
The Canadian dollar has been extending its previous session’s gains against the U.S. dollar during early North American session on Monday. Currently, the loonie is trading at 1.0587 against the greenback, compared to 1.0613 hit at last week’s close.
Against the common currency of Europe, the loonie rose to 1.2626 at 9:05 am ET. The euro-loonie pair that was worth 1.2716 at last week’s close is now trading at 1.2639.
The euro tumbled earlier in the day on renewed concerns over the European debt crisis.
Concern over Hungary’s finances, stoked Friday by a Hungarian official comparing the country’s problems to those of Greece, also continued to weigh on the euro.
Hungary isn’t a euro member but debt problems there could hurt the common currency by highlighting the risk of sovereign downgrades in eastern Europe, where many euro-zone banks have investments.
In economic news, the German factory orders for April and the Euro-zone sentix investor confidence for June, which were released earlier in the day failed to impact the euro.
The Canadian dollar rose to more than a 13-month high of 0.8625 against the aussie at 9:50 am ET. As of now, the loonie is trading at 0.8632 against the aussie and this level may be compared to previous week’s closing quote of 0.8743.
Across the Atlantic, traders will be focusing on the release of U.S. consumer credit report for April, which is due at 3:00 pm ET.