In view of Eric Theoret, FX Strategist at Scotiabank, USD/CAD's outlook remains tilted to the bearish side. Key Quotes “Trend and momentum indicators are decisively bearish”. “However we are somewhat cautious as we note the RSI’s failure to provide confirmation to the decline since early March”. “Tuesday’s break of 1.2832 has shifted the focus to the July 15 open at 1.2723. A break back above 1.2832 would risk a rally toward 1.3000”. For more information, read our latest forex news.