USD/CAD was bearish last time we looked at the pair. The Canadian Dollar was gaining on the back of some BoC rate hike speculation. We noted that there is key support just above 1.32, and that a break below this level could open up further downside to 1.30. However, as we can see on the daily chart below, USD/CAD held above 1.32 and the rising trendline, keeping the overall trend, choppy but bullish.USD/CAD Daily Chart(click to enlarge)The Crossroad:- The USD/CAD is at the crossroad because it was able to hold above 1.32 after a brief crack at this critical support.- However, there will be key resistance around 1.3380-1.34 and the 100-day simple moving average (SMA). - Here we see a previous support pivot.- Failure to push above 1.34 would reflect bearish bias with downside risk to 1.30. This would be a bearish slingshot signal, because it would show price crossing below the 200-day and 100-day SMAs, and then respecting the band of these 2 SMAs as resistance. - A break above 1.34 would suggest continuation of the choppy-bullish mode.