Analysts at Bank of Tokyo explained that the Canadian dollar is little changed against the US dollar over the last four months having returned to within the 1.3000 to 1.3500 trading range which persisted during most of the second half of last year. Key Quotes: "However, it has been a wild ride for the Canadian dollar since late last year. The Canadian dollar has strengthened sharply in recent months fully reversing the acute weakness at the turn of the year which lifted USD/CAD to a peak of 1.4690 on the 20th January. As a result, implied volatility for USD/CAD remains elevated after reaching its highest level last month since late in 2011. In light of recent volatile price action, we believe that it is a good time to reassess our outlook for the Canadian dollar." For more information, read our latest forex news.