JP Morgan likes tactical long USD/CAD exposure this week.

USDCAD is trading firmer this morning, helped by a softer tone in oil. More importantly, our flow data over the past week has shown persistent CAD selling from both real money and hedge fund accounts," JPM notes

"Following last week's hawkish Fed, the case for being long the lower-yielders, including CAD, has strengthened. At the same time, with oil already trading near recent highs, the hurdle for another meaningful leg higher looks increasingly demanding, which should help limit CAD support from the commodity side. As such, we remain comfortable holding long of USDCAD this week," JPM adds.