The Canadian dollar pared the gains it made in early Friday European trading against the currencies of US and Europe. As of now, the loonie is worth 1.2420 against the greenback and 1.6690 against the euro, down from recent highs of 1.2360 and 1.6615, respectively. If the Canadian currency weakens further, it may likely target 1.251 against the US currency and 1.682 against the euro.

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