June 12, 2012 / 1:23 PM / 5 years ago

Canadian dollar firmer, focus on Europe

TORONTO (Reuters) - Canada’s dollar firmed against its U.S. counterpart on Tuesday, mirroring gains in North American equity futures, even though investors remained wary about Sunday’s Greek elections and the impact of Europe’s plan to bail out Spanish banks.

Both Canadian and U.S. stock index futures rose, indicating stocks would open higher, paring some of the heavy losses seen on Monday. .TO.N

“Risk currencies are trading marginally better against their safe haven counterparts, but I think that doesn’t necessarily speak to a larger trend. I think it’s really just a consolidation move,” said Greg Moore, foreign exchange strategist at TD Securities.

At around 8:45 a.m. (1245 GMT), the Canadian dollar was at C$1.0280 against the U.S. currency, or 97.28 U.S. cents, compared with Monday’s close at C$1.0312, or 96.97 U.S. cents.

With no major Canadian data set for release on Tuesday, investors were expected to look to Europe for market guidance.

Canadian bond markets were mostly lower across the curve. Canada’s two-year bond fell 5 Canadian cents to yield 1.022 percent, while the benchmark 10-year bond dropped 42 cents to yield 1.805 percent.

Editing by Jeffrey Hodgson

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