Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is supported by higher Oil prices and Friday’s strong Canadian jobs data versus weaker US labour figures. USD/CAD fair value has edged down to 1.3868, while technicals stay bearish with key support around 1.3899 and downside targets toward 1.3817. CAD supported as USD weakens"The CAD is finding a minor tailwind from higher oil prices this morning to help keep spot pinned back against the low 1.39 area." Our fair value estimate for USD/CAD edged a little lower to 1.3868 this morning, reflecting these developments." "Short-term patterns remain USD-bearish as the market consolidates the recent USD decline and USD-bearish momentum is clearly strengthening on the intraday and daily studies."