TORONTO - The Canadian dollar was lower Monday amid a mixed showing in commodity prices while traders looked for eurozone officials to come to a deal on getting the next instalment of bailout money to Greece.
The loonie declined 0.2 of a cent to 100.61 cents US.
Eurozone finance ministers met in Brussels Monday for a third time in recent weeks to get a deal together to release some €44 billion for Greece, which has been surviving on bailouts since 2010.
The eurozone ministers, Greece’s international creditors and the International Monetary Fund have been unable to agree on an agreement.
Greece is unlikely to complete its program of budget cuts and reforms by 2014 and is likely to be given an additional two years to reach that goal.
But that extension will cost several billion euros more and the next instalment is being held up by disagreements over how to fund this.
Commodity prices were mixed with January crude on the New York Mercantile Exchange down 37 cents to US$87.91 a barrel.
The December copper contract on the Nymex was unchanged at US$3.54 a pound.
December bullion was little changed, down 50 cents to US$1,750.90 an ounce.
On the economic front, the major event of the week is the September reading on gross domestic product. Statistics Canada is expected to report on Friday that the economy grew by 0.1 per cent during the month. Such a reading would translate into the economy growing by 0.9 per cent at an annual rate during the third quarter.