FXStreet reports that economists at CIBC Capital Markets discuss USD/CAD prospects. 

“Nominal exports will get a nice lift from a run of mid-$60 oil prices, and a general firmness in other resources. Meanwhile, the investment income balance will benefit from the mix of equities and direct investment versus low yielding bonds in our international assets and liabilities.” 

“We see oil and some other commodity prices abating as global supply responds. In addition to our view that there’s more room for the market to bring forward expectations for Fed hikes than for the Bank of Canada, that underpins our view that the CAD has some near-term gains in store, but will be giving those back come 2022.”