CAD review

The loonie held the upper hand against the greenback, holding within a penny and a half away from January highs hit last week. The loonie got a boost last week in surprisingly upbeat news on Canadian consumer spending and a hint from the BoC that its rate cut in January may have been the one and done variety. 

It doesn't bode well for the loonie today the broad bout of weakness for commodity currencies, led by the sharply weaker New Zealand currency.