The U.S. dollar rose to the highest level since March 26th against its Canadian counterpart as the speculation that Greece won’t receive the bailout drove the global risk sentiment toward risk aversion and increased demand for safe currencies.

The fears about the budget deficit crisis weren’t contained by the prospect of the bailout and they are beginning to spread as the speculations suggest that not all European governments will support the bailout. In such an environment the risk is considered higher, and with higher risk the greenback goes up while the currencies tied to growth, like the loonie, fall.

USD/CAD traded at about 1.0268 as of 12:00 GMT today after opening at 1.0241.

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