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USD/CAD is trading around the 1.35 level, at 1.3478 at time of writing, and needs a catalyst to fuel the downside with the first target at the 1.3464 200-day ma, per OCBC Bank.

Key quotes

“The USD/CAD remains within a tight range around the 1.3500 locus as expected.” 

“For now, the pair may have factored in most of the positivity, and will require another catalyst to take it towards the 200-day MA (1.3464), before the 55-week MA (1.3400).”