If everything else remains equal, USD/CAD can bring great disappointment to the longs. Idea is to short USD/CAD during the bounce near 1.3060 or higher 1.3100, which corresponds to the support in oil near 40.50. But as we have mentioned earlier, USD/CAD has strong correlation with crude oil and price action must be judged accordingly. Based on the thesis that oil will be supported near 40 / 38, at least for the short term, gives us an opportunity to short USD/CAD on meaningful bounce. So price action in USD/CAD is less meaningful, rather we take action in this currency pair based on oil's price action.
Crude oil stabilization coupled with dollar weakness could bring USD/CAD back to 1.27 or below easily.
Also, we don't want to give up on AUD/USD and NZD/USD long bias yet. But to get better pips, we got short EUR/AUD earlier.