CAD review: Western Union

Quotes from Western Union:

- The loonie is staging a bit of a comeback this morning but has met strong selling pressure on any spikes over the past few weeks.  There is very little to get excited about in Canada at the moment, so speculators will keep this pair well contained unless the data changes substantially in favour of the great white north.  

- The downward pressure on oil is certainly not helping the loonie at all, and if we don't see a substantial increase in the price of crude it would be difficult to expect the loonie to enjoy any meaningful gains as well. The tone of the Fed minutes this Wednesday will certainly have a bearing on the direction of USDCAD over the next several days, with a hawkish Fed being CAD negative.  

- Canadian buyers of USD's need to be aware of the risks and take their opportunities when they come, as any Canadian dollar strength has been limited over the past several weeks.