The fading effect of the Trudeau government's programme of public works and generous spending is set to dampen inflation and impact negatively on the currency.
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A presumption that the breakdown in correlation between the Loonie and oil prices will continue could prove misplaced, particularly if crude continues to surge over the coming weeks.
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The BoC has so-far been vindicated for its increasingly cautious tone but, with oil prices up 6% over the last week, strategists say the Loonie is due some recognition.
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Canada's economy has shown signs of slowing in recent months but domestic and international developments could mean it faces further headwinds in 2018.
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The Pound-to-Canadian Dollar is presenting with a mixed chart and a thin week of economic events - however, potential for CAD weakness keeps bullish hopes alive.
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The market’s large net-long position in the Canadian Dollar, combined a step-change at the BoC, is a perfect recipe for a steep correction in the Canadian Dollar according to strategists.
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Multiple bullish signals adorn the chart of the Pound-to-Canadian Dollar, which combined with a probable interest rate rise in the UK suggests more upside for the pair.
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