This is tied directly to two factors: 1. The likely continuation in bearish momentum for oil. 2. The likelihood of USD bull pushes in anticipation of a June rate hike.
Also, until the Canadian economy can correct their housing market, their economy will have an extremely tough time gaining traction. In the face of declining oil prices, I'm long term bearish on the Canadian Dollar. My target before another bearish correction will be the low 1.38000s.