USDCAD has been in a nice bearish trend. Right now its challenging the lower range again so we go try a buy and aim at the bounce back up. Long term usdcad might still be bearish but for intra day we can see a nice bounce back of 60-80 pips with oil also looking week. The weekly time frame show the same channel and bounce back.
The red line is the last strong support at 1.25. If the 1st buy entry fails we can try another one here. If it breaks then sell it for 1.12 as target.