Canada is a major producer and exporter of natural resources, which means its currency is closely tied to the fortunes of commodity prices. With signs that the commodity super-cycle is fading, it is likely that CAD will notch up further losses over the course of 2014.
China, the world's No. 1 consumer of so many raw materials, apparently looks set to carry on buying following bold reforms announced at the third plenum of the communist leadership. But it could be a long wait before they buoy commodity currencies if indeed they ever will.