Broader financial markets have shrugged off the oil price rise a temporary phenomenom, the Canadian economy is slowing and the BoC has turned dovish.
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The Pound-to-Canadian Dollar has corrected back recently but analysts think this may just be a temporary pull-back before the pair resumes its short-term uptrend.
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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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