The chart says it all. generally we could expect a weaker dollar in the weeks to come. However, the CAD still shows a stronger Bond yield spread than the Dollar. Market sentiment iin terms of the commitment of traders showed declining net short positions in favor of the CAD. In terms of price action, USDCAD
is currently below previous month's low at 1.3737 levels opening up downside pressure.
Recall that any spike in COVID reports can invalidate this view