For the past month, USDCAD
has been making higher highs and lows within a bullish trend
channel. Price has recently moved downward toward lower channel line where a break of the 1.28350 support could allow price to reverse off the trend line
. This area of support held strongly back in October 2015 so it is possible for price to reverse around this area. Bullish
movement expected to the 1.31000 mark, with TP set around 1.30500.