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USD/CAD - Cautious Buy on a Dip Strategies

The USD/CAD has found support in May after falling sharply over the past few months as we can see in the 4H chart below:

USD/CAD 4H Chart 5/16

(click to enlarge)

Bearish Trend Broken: After finding support at 1.2460, USD/CAD rebounded. This rebound was stronger than the ones before as it broke back above a falling trendline and the 200-, 100-, and 50-period simple moving averages (SMAs). It seems to have broken the prevailing pattern of lower highs and lower lows. 

We can say that USD/CAD is at least flattening if not in a bullish reversal. The fact that price stalled at 1.30 should keep a lid on the bullish expectation for the short-term. 

Medium-term Bullish Strategy:  So, in this slightly bullish turn of the technical picture, I would like to buy on a dip. Last week, I noted a strategy to buy around 1.2750, and I think this is still a valid entry point. If price does not chop back down, then too bad, I will miss the rally. But I think if we can get an entry even at 1.28 with a stop below 1.27 and a target of 1.30, there is a decent enough reward to risk. 

Then, there is a potential reward if USD/CAD is going to complete an inverted head and shoulder. In this scenario, the 1.2750 area would be the shoulder.

Near-term, Aggressive Bullish Strategy: You might say that this scenario is already developing. I think that is a valid case, and a more aggressive trade can be made around 1.2870-1.2890. 

USD/CAD 1H Chart 5/16

(click to enlarge)

From the 1H chart, we can see that price appears to be moving towards 1.30 already. There is an intra-session pullback, and if this pullback extends towards 1.2880, I would be interested in putting in a position. Let's say I put a stop at 1.2830 and a target at 1.30. This would be a 120 pip potential reward for 50 pip potential risk going in the direction of the short-term trend. 

The question is: Has USD/CAD already anchored above 1.29? If not, we have a decent reward to risk trade. Otherwise, it might not be worth chasing even though 1.30 looks like the next stop.