Like the yen, the Canadian is seeing some benefit from a gradual and ongoing improvement in the global macro-economic outlook. Persistent easing moves by the PBOC, a push back in US rate hike timing and the hope that energy prices might begin to stabilize are all serving to lend support to the Canadian. While the January low might have been a very significant low in the Canadian, global growth prospects and a sense of improving commodity demand might be needed to see the Canadian shift into an uptrend pattern.
