• USD/CAD is in the hands of the bears but a correction could be in the making.
• The daily chart remains bullish but the hourly bearish impulse may have run its course. 

USD/CAD's bearish hourly impulse is starting to decelerate which could lead to a correction for the coming sessions to end the week. The following illustrates the market structure from both a daily and hourly perspective. 

USD/CAD daily chart

The price is being rejected in the resistance zone and the bearish shooting star followed by the current bearish daily candle is bearish which likely leaves the prior lows vulnerable near 1.27639. However, a break of there opens the void in the price imbalance towards 1.2713 open for mitigation.

On the other hand, there are prospects building for a significant correction on the lower time frames: 

USD/CAD H1

The price is moving in on the aforementioned lows whereby a correction to the upside could occur towards the 38.2% Fibonacci retracement of the bearish move that has a confluence with prior support. A downside continuation could then occur, if not from a higher ratio along the Fibo scale.