USDCAD is in a clear downward trend channel, so any long position will be considered risky. After pointing that, we can see that on the weekly chart the price has rejected a strong level of resistance, and is approaching to break the channel upwards. Any long position will be consider only if the price will break and retest the Q1 2021 POC level . The target will be the weekly retracement 61.8 Fib.