USDCAD is currently sitting on Monthly resistance and i personaly expect bigger bounce to the downside because of very strong structure, BUT MN1, W1 and D1 doesnt look like it will reverse. We just got W1 123 and looks like it just started to moving to the upside. Anyway i draw both scenarios how to get involved in this trade conservative, but be carefull with longs there it might be some fake signals.
On H4 we can see also some pin bars and double top which is first sign that structure is holding. The secure way to get involved in this trade is to wait solid 123 on H4/H1 as you can see it on picture!
Try to trail the shorts as long as possible and split trade into few parts and take profits on next major structures. If you have any question feel free to ask!