Greenback May Weaken Versus Loonie: Technical Analysis
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The U.S. dollar may decline toward the weakest level in eight months versus its Canadian counterpart after dropping to a fresh low for this year, Royal Bank of Canada said, citing trading patterns.
The greenback slid below 98.42 Canadian cents, the previous 2012 low reached on March 1, and fell to 98.23 cents on April 25, according to data compiled by Bloomberg. It set a new year-low at 98 cents on April 27, the data show.