Credit Agricole CIB Research adopts a cautious bias on CAD in the near-term.

"The currency is primarily driven by external factors such as global risk sentiment in general and commodity prices in particular. At the same time, elevated speculative long positioning suggests the CAD is unlikely to keep strong sensitivity to risk-on sentiment with downside risks remaining intact," CACIB notes. 

"As of now, we stick to a more cautious stance on the currency, especially compared to its commodity bloc peers," CACIB adds.