JP Morgan likes to sell EUR/USD on rallies and buy USD/CAD on dips.

"Plans to re-sell EURUSD are still there but would want to see more pain well into the 1.15 handle on a more ‘medium’ term basis using the 200d (1.1642) as a risk point," JPM notes.

"Little to note from the BoC yesterday outside it sounding a little more optimistic with growth revised higher and inflation expectations easing. CAD took little note and instead took its cue from the broader dollar weakness seen in G7 (that is still hard to fully explain, outside softer US inflation numbers). We still remain bearish on CAD although note this is a well held view in the market, so looking for more of a position unwind and a dip below 1.40 to enter into USDCAD longs," JPM adds.