Loonie climbs amid optimism for Greece

Optimism for Greece acquiring its second tranche of bailout funding led to an increase in the value of the Canadian dollar on Friday against its southerly rival, Bloomberg reports.

The loonie was less than one cent from its top level against the U.S. dollar with an upward drive also provided by an official report stating the inflation rate surprisingly picked up the pace. The price of crude oil, the natural-resources-rich nation's top commodity, also gained in value.

"The Canadian dollar is up, but its strength is limited," head currency trader Firas Askari with Bank of Montreal in Toronto told the publication. "Overall, the market is oscillating back and forth on Greek headlines, although it seems that it's highly unlikely that they don't get a deal done."

The debt-hobbled Aegean nation is likely to take a significant step closer to the bailout funding on Monday when euro zone finance ministers convene on Monday in Brussels.

The Canadian Press reports increasing fuel costs are poised to pull down consumer spending and hold up economic development and growth. The monetary unit initially began the trading session on the downswing but climbed back and recovered.