CAD review

Western Union:

USD/CAD tipped below C$1.24 in overnight trade, its weakest level since late February. This is a great level to share with Canadian importers who have been saddled with higher costs due to broad based U.S. dollar strength. 

The loonie could return to the hot seat as soon as Friday if Canada should let loose another disappointing employment report which would increase the risk of another Bank of Canada interest rate cut. A lousy jobs report could see dollar/Canada move in the direction of recent six-year highs around C$1.28. 

Forecasts call for zero job growth in March which would be an improvement from the loss of 1,000 jobs in February. Unemployment is expected to remain at 6.8 percent.