The news out cited that the bond auction demand is strong that led to US dollar corrections as the reason in tonight's move.
Technical reasons on long USD/CAD: 1. The daily chart shown above shows that the price action hits the lower bound of uptrend flag patterns. 2. The 200 SMA also acts as support cluster of USD/CAD (MA 200 not shown on chart above).
Trade ideas: Entry at market price S/L: 1.3120 T/P: 1.330
Note that if the current price does not apply to your risk reward ratio, you guys can re-entry at better price when the market corrects.