The Canadian dollar staged a strong rally against the lower-yielding yen and greenback during early Asian trading on Monday.
The loonie advanced to 1.041 against the greenback by 7:10 pm ET, the highest level since September 29, 2008. If the Canadian dollar gains further, resistance is likely to be seen near the 1.03 level. The pair was worth 1.0436 at Friday's close.
Against the yen, the Canadian dollar rose to near a 5-week high of 86.41 around 7:45 pm ET. This may be compared to last week's close of 86.11. The next upside target for the loonie-yen pair is seen around the 87.0 level.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.