The de-U.S.-dollarization trend that boosted the Loonie was "overstated" as central bank holdings of U.S. dollars appear stable. Photo by Peter J. Thompson/Financial Post/Postmedia files

The Canadian dollar “has its work cut out” for it to come back from the decline in value against the greenback that started in June.

“The USD’s ( U.S. dollar’s ) overall resilience and bullish longer-term trend dynamics suggest the CAD (Canadian dollar) still has its work cut out if it is to improve significantly in the near term,” Shaun Osborne, chief FX strategist at Scotiabank Global FX Strategy, said in a note on Monday.

The Canadian dollar began its slide in June, falling 3.3 per cent against its American counterpart to 71.3 U.S. cents — the lowest level since April.

The decline comes aft

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