Is it a right time to sell off CAD now?

Yes, I think now is right time to sell CAD. The main reasons are that Bank of Canada chairman stated clear that CAD seems overvalued against USD and downward adjustment is necessary to correct the overstrength. The central bank will cut interest rates in 2008, this will make CAD less attractive. Further, Canada exports significantly to USA, if USD economy starts slowing down, the Canadian exports would be reduced and hence CAD will drop. Thus, I think CAD will go down in 2008.