So when will 1.20 print on USDCAD?
We have a quiet week ahead in terms of economic releases and this lack of data will probably see the trend for a stronger USDCAD continue. Keep an eye on oil though as a bounce here will give a bid to CAD but for the moment weak oil, weak commodities and weak employment numbers all combine to keep the Loonie on the back foot. Elsewhere, the Euro is having an even harder time of it with some commentators now calling for EURUSD hitting parity this year from the current 1.1850 level, and which 6 months ago was trading at 1.37. With Europe beset by political and fiscal issues it’s hard to see what can turn this one around and that 1 to 1 value seems a lot more likely than a return to the level of last summer.