USD/CAD Technical Analysis: The ongoing recovery might still be seen as a selling opportunity

   •  The pair has been steadily recovering from the vicinity of 100-day SMA support, or over one-month lows and the up-move has been along an ascending trend-channel on the 1-hourly chart.

   •  However, given the recent sharp decline from over 19-month tops, the said channel seems to have constituted towards the formation of a bearish continuation flag chart pattern.

USD/CAD 1-hourly chart

   •  Moreover, this month's decisive break below 50-EMA/ascending trend-line confluence support adds credence to the bearish set-up and suggests some more downside in the near-term.

   •  Despite the negative outlook, traders are likely to wait for a convincing breakthrough the ascending trend-channel support before positioning for additional declines back to sub-1.3200 level.