USD/CAD broke below the trendline since last year resulting in steady decline. It has so far defended the projections of 1.3110. Daily MACD has started posting positive divergence denoting lack of steady downward momentum. 

A short-term bounce can’t be ruled out towards 50-DMA near 1.3300 and the high achieved earlier this month at 1.3385. 

If the pair fails to defend 1.3110, there would be risk of a deeper pullback towards 1.3000/1.2930, the 50% retracement of the 2021/2022 uptrend.