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In opinion of FX Strategists at Scotiabank, the pair’s outlook appears negative in the near term horizon.

Key Quotes

USDCAD retains a soft undertone after last week’s lower close served to “confirm” the bearish turn in broader price action that the previous week’s bearish key reversal week had signalled”.

“Intraday trend signals are aligned bearishly, which should limit short-term gains to the 1.3140/50 area. And we look for support at 1.3045/0 (40-day MA at 1.3043 today). Overall, we think the USD is likely to head towards 1.28/1.29 in the next few weeks following the decisive turn lower from 1.3385″.