CAD review

The loonie hopped back above C$1.21 as tentative signs of a thawing U.S. economy buoyed the greenback. The Canadian currency in April appreciated some 5 percent for its best month of outperformance in six years. 

Many remain skeptical of the loonie's ability to hold below C$1.20 for long stretches given the view that Canadian interest rates should lag behind the U.S. in returning to more normal higher settings.