CAD Dollar continues to take advantage of the energy prices spike

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar             1.2325-1.2425

Euro                     1.4300-1.4400

Sterling                1.6950-1.7050

The Canadian Dollar has held onto its strength of the past 10 days thanks in a large part to the jump in the energy prices. This morning the price of a barrel of oil has jumped above $84.50 which is its highest levels in years and we are certainly seeing that price movement reflected at the pumps. Given this significant jump in the oil price I would have thought that the Loonie would have done a bit better in the short-term so I think it is safe to say that the Canadian Dollar is under performing at the moment

There is lots of Canadian data this week so we may see more volatility around the Loonie, if the data is strong and the oil price holds fast then we may see USD.CAD try and break lower towards 1.2300 (0.8130).