This is not a pair I follow closely, never having had much success with it in the past, but it seems the market was caught unawares on Friday and Prime Brokers report that their main speculative accounts are caught short of USD/CAD. Dips should be fairly shallow they reckon, but with the usual end-of-month oil payments about to go through, we should also see some decent supply of USD/CAD in coming days.
Conclusion, buy dips!