USD/CAD has been bullish for the past week, holding above 1.2650 and rallying above 1.30 today. However, as it tagged a falling trendline seen in the 4H chart, price retreated sharply. USD/CAD 4H Chart 6/16(click to enlarge)As you can see this is a non-trending market. The fact that the RSI went above 70 suggested that it was overbought when price tagged the falling resistance. Now, price has falling back to a key pivot just above 1.29, and I think there could be some buyers here .If not I would look at 1.28 as the next support. The reasons I believe USD/CAD still has upside are:1) Despite its recent downgrade in economic forecast, the FOMC is more hawkish than the BoC.2) Oil price is in a correction mode after a few months of rallying. The CAD is positively correlated to oil price so it might weaken as well. USD/CAD 1H Chart 6/16(click to enlarge)Upside if price stabilizes above 1.29: I don't like the price action going down at the moment. But if price can start stalling around 1.29, I believe it is a good place to buy for a very short-term bullish outlook towards 1.30, 1.3050, with the maximum bullish outlook capped at 1.3185, which is around the May-high. I do like that the 1H RSI is at 40. If USD/CAD is indeed still on the upswing, the RSI should hold above 40.