It has been a few days we were poiting out the possibility of a long term reversal pattern (cup&handle) on the pair for a possible long term shift in the trend.
The latest price actions and the recent change in the momentum are confirming this outlook.
USD/CAD: daily chart
If the pair manages to hold above 0,96 and break through 0,97 it might confirm a bounce and expose next target at 0,98 and then 0,99.
We will see how things evolve over the coming sessions but we hold a bullish bias on the pair.
Only a break below last week low at 0,9565 would negate this scenario.