eFXdata reports that CIBC Research discusses CAD outlook.

"Given higher levels of crude than previously assumed, and the persistence in the CAD’s correlation with movements in the broader USD index, we now see scope for an appreciation in the C$ over the next few months, with USDCAD expected to sit near 1.24 at midyear and at 1.27 by year-end. Momentum trading and enthusiasm for commodities currencies could swamp longer-term fundamentals, including a chronic trade deficit, that suggest that the C$ is already too rich for the economy’s blood," CIBC adds.