USDCAD - retracement time, then possible fall

We are currently at the fib retracement level 38.2% which coincides with previous supp/res, circled. THe price has moved down almost 200 pips and is oversold. We could be seeing a retracement to 1.29 - 1.3, after which it could go down to the white TL. So for now we're bullish.