Reversing direction, the U.S. dollar dropped against the Canadian currency in early European deals on Wednesday.
The greenback is now trading lower at 1.0389 against the loonie, off its near 1-year high of 1.0420 hit at 1:55 am ET. The greenback-loonie pair is poised to seek next downside target level around 1.03. The pair finished yesterday's trading at 1.0396.
