If you're looking to go long CAD, look to the crosses, says Omer Esiner at Commonwealth Foreign Exchange in Washington. USD seems to have CAD pinned to the mat, having recently posted a session high of 1.0297, its highest level since mid Jan, according to CQG. Many market players have soured on the Canadian unit vs the greenback, and see further losses there. But CAD still has some potential to outperform the other majors on the crosses, Esiner says. EUR/CAD will likely be a good mover on the downside, while CAD/JPY might have some upside potential, particularly if the Bank of Japan looks like it's engaging in more monetary easing, Esiner says.
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