CAD review

Western Union:

A near $1 uptick in oil to $51 lent a little support to the Canadian dollar though it was well off the late February high it had touched on Wednesday. 

On the eve of Canada's big jobs report, the economy let loose mixed news on housing as building permits unexpected tumbled 0.9% in February while an index of new housing prices beat forecasts with a 0.2% rise. 

Much is on the line for USDCAD when Canada on Friday releases key employment figures. Unchanged or zero net job growth is expected for March so an upside surprise could see the loonie duck back below C$1.24 like it did Wednesday. 

However, a poor number would intensify worries about the health of Canada's economy, and increase calls for a local rate cut, all of which could see USDCAD make a run toward recent six-year highs around C$1.28.