Economists at Barclays stay bullish on the Canadian dollar and see scope for the USD/CAD to extend its leg lower over coming weeks.

Bank of Canada to turn incrementally more hawkish at its April meeting

"We retain our constructive view on the CAD and see scope for the USD/CAD to keep grinding lower, supported by higher terms of trade under our baseline outlook for resilient growth, strong exports and elevated oil prices.” 

“Recently, market expectations for hikes by the BoC have gone up in line with the Fed and are likely to move in tandem going forward. We think that the BoC can turn incrementally more hawkish at the April 13 meeting given concerns around high inflation and the risk that longer-run inflation expectations could drift upwards."