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FX Strategists at Scotiabank did not rule out a potential drop in the pair to the 1.2920 region.

Key Quotes

“Momentum indicators are neutral, the DMI’s are muted, and the ADX is in trendless territory below 25. USDCAD is trading just below the upper end of its four week range and noted resistance in the 1.3150-1.3180 area”.

“This week’s highs have roughly coincided with the 61.8% retracement level of the July-August decline and may offer a potential double top in the 1.3170s implying a break of the intervening 1.3050 low toward the projected target in the 1.2920s”.