WSJ: Canadian Dollar Weaker Ahead Of Data-Heavy Week
TORONTO (Dow Jones)--The Canadian dollar was weaker Monday, heading in to a data-heavy week that will also see the Greek parliament vote on austerity measures.
Overnight, the U.S. dollar rose past the 200-day moving average of C$0.9907 on tenuous risk sentiment and lingering concerns over Greece's debt against the backdrop of slowing global economic recovery.
The U.S. dollar rose to C$0.9900 from C$0.9880 late Friday, according to data provider CQG.
"The shift towards a more negative CAD sentiment is a warning signal that there might be temporary weakness ahead as investors build out short positions further," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto.
Canadian consumer price inflation for May and real gross domestic product data for April are due this week.
Canadian markets will be closed Friday in observance of Canada Day.
-By Satish Sarangarajan, Dow Jones Newswires; 416 306 2020; satish.sarangarajan@dowjones.com
