The Canadian Dollar has held up well in recent weeks. Economists at the National Bank of Canada discuss USD/CAD outlook.

Tightening of interest rate and Oil price differentials unlikely to continue

We do not expect the tightening of interest rate and Oil price differentials to continue. We must also prepare for a decline in commodity prices, which will have a negative impact on Canada's terms of trade, corporate profitability and the hiring cycle. 

In light of the recent slowdown in global manufacturing momentum, we expect USD/CAD to return to the upper end of the 1.33-1.38 range over the coming quarters.