FXstreet.com (Barcelona) - The CAD’s small gains vs the USD in 2012 - amounted to just 2.9%-, "should serve as useful reminders that despite a reasonably supportive fundamental backdrop in Canada, actual gains in the currency have been more difficult to come by" says HSBC Global Research Team.

HSBC adds: "That is partly a function of already-high valuations in the currency, as well as some degree of deterioration in previously supportive fundamentals. We still expect the CAD to hold up well and register some gains in 2013, but we look for those gains to be modest, similar to the pattern of recent years."