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FX Strategists at Scotiabank noted the pair’s near term outlook remains bullish-neutral for the time being.

Key Quotes

“Bullish momentum indicators have faded to neutral and trend strength indicators have fallen to fresh lows”.

“The ADX is under 10 for the first time since April 2012. USDCAD has broken below its 100 day MA (1.3076) and additional near-term support appears limited ahead of the 50 day MA at 1.3020″.

“Near-term resistance is expected at 1.3100 and 1.3150″.