Thoughts on $EURCAD pushing 1.61 by month-end

Been watching $EURCAD quite closely today, currently holding around 1.60676. We saw it tick up slightly from its low of 1.60604. Given the overall market sentiment and the recent activity, I'm starting to wonder if we could see a push towards the 1.61 mark by the end of May.

My reasoning is largely based on the recent strength we've seen in the Euro, even with some lingering inflation concerns. On the flip side, the Canadian dollar hasn't exactly been firing on all cylinders. If this relative strength continues, and we see any kind of positive catalyst for the Eurozone or a further dip in oil prices (which often impacts the CAD), I think a move to 1.61 becomes a pretty live possibility. I'd put the odds of seeing 1.61 by May 31st at around 60%. Not a certainty by any stretch, but definitely feels like it's within reach if the current trends persist.