The overall trend is still to the upside. This has been running from September 2012 and has not been broken yet. As for today, we can see that USD/CAD keeps holding on this small upwards moving support, that started last Friday. It has not been broken yet and it kept pushing the price higher throughout the week. A move above the 1.27250 could push the pair up to yesterday’s high of around 1.27550, that could act as the first . A move further above that opens the way towards the 1.28 area.
If the above mentioned short-term will not hold and the price will break it, then we could see a move back to the 1.26850 area. Below that we have the 21 , which is around the 1.26650 level. A break below that area could push USD/CAD towards the 50 , which is around the 1.26200 mark.