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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