eFXdata reports that Credit Suisse likes selling USD/CAD on rallies into 1.29 over the coming weeks.

"While we remain medium-term constructive on CAD and hold a 3m 1.2550 USDCAD target, BoC policy risks and US environmental policy unknowns make tactical near-term USDCAD downside prospects unattractive expressions of a pro-risk view in FX space...This particularly applies over the course of this month as the US policy agenda starts to take form in earnest," CS notes.