Dollar Falls, Heading for Worst Weekly Drop Since July
- Elliott Wave shows dollar may be entering ABC correction mode
- Loonie reaches session high as WTI crude oil continues rally
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The dollar reversed Thursday’s gains and headed for its biggest weekly loss in almost 10 months amid thin volumes as resource-sensitive currencies gained after oil advanced.
Fast-money accounts that had faded early dollar weakness Thursday were seen unwinding their positions as they looked to square short-term exposure, according to traders across Europe and the U.S. Leveraged investors were seen adding euro longs across the board, boosting the common currency.