Loonie Starts Week Bearish on Copper, Stocks

The Canadian currency didn’t manage to continue its last week rally as stocks and commodities markets had a less optimistic performance this Monday, setting the loonie down versus its U.S. counterpart and the Japanese yen.

As stocks operated near neutrality and metallic commodities, like the copper, went down today, The Canadian currency retreated from its highest level in February versus lower-yielding currencies, as the market sentiment in Europe, once again affected by the region’s budget crisis, is declining appetite for riskier assets in North American trading markets in the beginning of this week.

USD/CAD traded at 1.0424 as of 16:22 GMT from an opening rate of 1.0384 yesterday. CAD/JPY traded at 87.42 from 88.05.

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