*The median forecast of more than 30 strategists was for the Canadian dollar to rise a further 0.6% over the next three months to 1.25 per US dollar, or 80 US cents.
* "We expect the Canadian dollar to be a general outperformer among the G10 over the coming year," said Erik Nelson, a currency strategist at Wells Fargo in New York.
The Canadian dollar was trading 0.4pc lower at 1.2633 to the greenback, or 79.16 U.S. cents, having touched its weakest level since March 10 at 1.2646.
Expectations that Britain's economy will reopen quickly after its rapid vaccine rollout lifted sterling to $1.42 in February, at the time making it the best performing G10 currency.
The rally in oil has been supportive of the Canadian dollar. Since the start of the year, the loonie has gained 0.7%, trailing just sterling and the Norwegian crown among G10 currencies.