USD/CAD most likely is ready for a bullish scenario

The analysis of the USD/CAD exchange rate began during the European session, highlighting a key support at 1.3200, an important psychological level for traders. Attention shifted to a rebound to 1.3220 following a drop in oil prices, influenced by an increase in stockpiles and the resumption of shipments from the Red Sea. The decline in oil, falling by 1.5% near $73.00, was also driven by the creation of a U.S. maritime task force against Houthi attacks. The increase in oil inventories by 1.8 million barrels, reported by the EIA, further pressured prices. Given the importance of oil for Canada, the drop in prices affects the Canadian Dollar. Concurrently, S&P500 futures showed gains, and the U.S. Dollar Index (DXY) reached new lows, reflecting expectations of a Fed rate cut. I expect a price rebound on the demand zone at the 1.3190 level after breaking through the bearish channel and the psychological level of 1.32 with a retest of the reversal level in the 1.3390 area or simply the 1.3250 level of the median of the bearish channel.