Scenario of buying CAD: Recently NZD and EUR gained against USD. AUD is also trying. If EUR, NZD and AUD continue to gain against USD in same fashion (after small pullbacks) and if we see pull backs in JPY pairs, gain in CAD/JPY will be more than gain in USD/JPY because USD will stay suppressed by EUR, NZD and AUD. That will be the time to buy CAD. Note that EUR/USD is most traded pair. It affects USD-index the most.
And the time came, CAD may gain a little, at least a pullback .
Note: As long as there is no news/data from Canada or Crude Oil, CAD pairs are driven by global factors and pairs like EUR/USD and USD/JPY because CAD is very less popular and less traded currency on its own
If we look at the recent moves of USD/CHF in last two days, USD/CHF always erased fall and made a new high whereas USD lost against major currencies like EUR and JPY. This shows significant weakness in CHF, that's why I bought CAD/CHF instead of selling USD/CAD or buying CAD/JPY.
