USD/CAD on the way to 1.2800?

Analysts at Scotiabank explained that USD/CAD's is likely headed to 1.2800.

"USD/CAD has fallen back below both its 50 and 100 day MA’s to trade at the mid-point of its ascending trend channel from early June. Both the channel and rising trend line off the May-June lows hint to support below 1.28."