The Canadian dollar has been extending its rally against most major currencies in European deals on Thursday. The loonie is currently trading at a fresh 1- 1/2 -month high of 1.2913 against the euro and 3-day highs of 0.9831 against the greenback and 81.81 against the yen.

The next upside target level for the loonie is seen at 0.981 against the greenback, 82.5 against the yen and 1.288 against the euro.

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