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USD/CAD 1H Chart Suggests Bearish Short-term Outlook

USD/CAD has been choppy since last week after making a new high no the year at 1.3353. Now, the medium-term mode in USD/CAD is still bullish, but the short-temr price action has neutralized since last week. 

USD/CAD 1H Chart 9/1

(Click to enlarge)

The 1H chart shows the USD/CAD in a bit of consolidation. Bearish candles have been sharper than bullish ones, and price has broken below the cluster of 200-, 100-. and 50-hour simple moving averages (SMA). The RSI is showing sideways momentum, with no commitment to either direction (up or down). 

Today's price action could be key for the short-term leading into Friday's key US Non-Farm Payroll risk. So far, it seems like bulls have been trying to bring back the prevailing uptrend, but resistance at 1.3225 has been holding strong. This keeps price under the cluster of SMAs and gives another bearish clue. A break above 1.3225 however shelves the bearish correction scenario. 

In the bearish correction scenario, today's low around 1.3095-1.31 will be in sight, with risk all the way down to 1.30 ahead of Friday. 

I might be slightly bearish on USD/CAD for the next couple of sessions, but I am still looking for when the pair starts to revive the prevailing uptrend. But, I better go with the short-term price action for now. There is no clear support area except around 1.30.