The Canadian currency is supported by the sharp rise in Brent, as 30% of Canadian budget is dependent on oil&gas sector. The crude oil reacted to the consequences of hurricane Harvey. It has paralyzed at least 4.4 million barrels per day (bpd) of refining capacity, sending Brent to 52.89 high. And it may support the demand on Brent further, driving CAD higher as well.
And take in mind Friday's Non-Farm report that is not expected to be really strong after July positive surprise. Besides, the statistics is against USD: during last 20 years August NFP data was lower than expected in 16 cases.
In this environment we expect further depreciation of USDCAD with the next target at 1.24 area.