Analysts at Brown Brothers Harriman explained that dragged lower by oil and widening interest rate differentials, the Canadian dollar's 11.3% loss from mid-October through January 20 made it the weakest of the major currencies. Key Quotes: "It snapped dramatically back over two and a half weeks. It appreciated nearly 7%. The US dollar spiked to CAD1.3640 on February 4. The 6.18% retracement objective is found near CAD1.3540. The divergence of the US and Canada's labor markets, wider rate differentials, weaker stocks, and oil, saw the Canadian dollar soften by almost 1% before the weekend, and it finished poorly. There is a reasonable chance the US dollar's downside correction is over. A move above CAD1.3930 would lend credence to this view, with a move through CAD1.40 targeting CAD1.4160 initially." For more information, read our latest forex news.