USDCAD - Opportunity to reverse losses

Since May 5th, on USD/CAD has been taking place almost continuous downward movement. A broader view on daily chart shows that we are dealing with a long-term bullish trend. From mid-January price moves in a upward channel. Currently price is at its lower edge, and last Thursday there was an attempt to initiate a rebound. Technically, there is a chance at least for a short-term recovery.

On H4 graph, breaking correction line and the last high can be a signal for bulls what in practice is crossing level 1.35. Bullish movement would then reach quite a considerable range compared with last declines and this could overtake advantage of demand side.