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FX Strategists at Scotiabank noted the pair’s near term outlook stays neutral with resistance expected at 1.3050/80.

Key Quotes

USDCAD has yet to break out of its recent consolidation range with congestion centered around 1.3000″.

“Trend and momentum indicators are modestly bearish however their magnitude is relatively muted. The weekly chart is showing a third consecutive decline testing the 100 week MA (1.2976) for the first time since mid-June”.

“We remain bearish targeting the 100 day MA (1.2963) and we note the absence of any additional support ahead of the 1.2900-1.2920 area. Near-term resistance is expected between 1.3050 and 1.3080″.