The pair erased weekly losses in the last two days and currently trades 50 pips above the price it had at the beginning of the week.

From a fundamental perspective, the ForexMansion.com Analysis Team affirms: “we advise traders to remain cautious amid the huge uncertainty still surrounding the outlook, as the pair still has more upside potential, especially since no one knows exactly whether economic activity will pick up over the coming period, and that should provide the USD/CAD pair with more bullish momentum.”

The Loonie is among the worst performers in the market so far today. Crude oil is approaching yesterday lows. The barrel still trades above $90 but moved off yesterday’s highs.

Fri, Jun 24 2011, 14:42 GMT | FXstreet.com