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In view of FX Strategists at Scotiabank, the pair’s near term outlook leans towards the neutral side for the time being.

Key Quotes

USDCAD remains unable to deliver sustained weakness below the psychologically important 1.3000 level”.

“Thursday’s gains are following Wednesday’s doji candle (signaling uncertainty) and could potentially allow for the completion of a bullish ‘morning star’ formation”.

“Trend and momentum indicators are only modestly bearish. Support has been observed around the lower bound of the descending trend channel from late June, just above the 100 day MA. Near-term resistance is expected above 1.3080″.