The Canadian dollar weakened against the US dollar on Monday after eurozone finance ministers agreed to a rescue package for Greece, triggering a broader rally in the European currency.

The ministers approved a 30 billion euro ($40.5 billion) aid package of loans, which Greece could tap if needed, with at least 10 billion euros also expected from the International Monetary Fund. "It's primarily due to cross-selling of Canada and buying of euro. Euro was obviously the big mover with the over-the-top bailout announcement that came through," said Firas Askari, head of foreign exchange trading at BMO Capital Markets, "There isn't too much going on outside the European deal that was announced, where they basically threw everything but the kitchen sink, and the kitchen sink, at the issue."  Nearing the US mid-day of trading the loonie fell to C$1.0075 or 99.26 US cents, down from Friday's close of C$1.0040 to the US dollar, or 99.60 US cents. "Right now most people are long the Canadian dollar, and you know, they're looking for levels to maybe add, but I don't think anyone is worried about Canada weakening off too much," Askari added.  Additionally, oil prices fell in today’s action below $85 a barrel and gold neared a four-month high, both of which could also affect Canada's commodity-influenced currency.