The USD/CAD made a new high on the year at 1.3213 to start the month of August. It has been retreating in a choppy manner since then for the past 2 weeks. As we can see in the 1H chart, the pair appears to be snaking around, forming a falling trendline that it is about to test if it continues to push as it did a couple of sessions ago.
So far, the technical picture in the 1H chart is bearish/neutral. However, if price climbs back above 1.3150, USD/CAD would have broken the structure of its recent consolidation. That would be a bullish continuation signal and would put the 1.3213 high back in play.
A dip below 1.3050 on the other hand might suggest further consolidation, perhaps in the snaky manner it has been in. That would put the 1.2950 handle in play.