The Canadian dollar staged a sharp rise against its US and European counterparts at 3:05 am ET Tuesday. The loonie thus reached a high of 1.2546 against the US dollar and 1.6605 versus the European currency, compared to Monday's closing value of 1.2627 and 1.6668 respectively. The next upside target level for the Canadian currency is seen around 1.239 against the dollar and 1.645 versus the euro.

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