The Canadian dollar started ticking up against its US and European counterparts by about 1:50 am ET Tuesday. The loonie is now trading at 1.6559 against the euro and 1.2370 against the US currency, compared to Monday's closing values of 1.6618 and 1.2386, respectively. If the Canadian currency strengthens further, 1.641 is seen as the next likely target level against the euro and 1.22 level against the dollar.

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