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USD/CAD - Anticipating Support for this Bearish Correction

At the end of September USD/CAD made a new high on the year around 1.3456.

USD/CAD Daily Chart 10/15

(click to enlarge)

The daily chart shows that in October, price has been retreating and is now below 1.30. Still, when we look at the daily chart, we can see that the prevailing uptrend is essentially intact. Yes, the daily RSI fell below 40, which shows loss of bullish momentum. Price also is below the 50-day SMA and cracking the 100-day SMA. However, there are 2 key support factors around the 1.2555-1.2560 area that might keep the market bullish.

1) A previous resistance pivot
2) A rising trendline
3) The 200-day SMA

combine these support factors with a bullish divergence and we might see at least a push conservatively to 1.30, or aggressively back towards 1.34 if not the 1.3456 high.