The Canadian dollar extended its early advance against the U.S. dollar in the early European session on Thursday.

Against the greenback, the loonie rose to a 2-day high of 1.2459 from an early low of 1.2532. At yesterday's close, the loonie was trading at 1.2517 against the greenback.

If the loonie extends its uptrend, it is likely to find support around the 1.23 area.

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