USD/CAD is trading above the support level on the back of rising crude oil prices and weakening demand for dollar. Another factor is falling US Treasury yields, which was influenced by growing fears for recession and stagflation.

technical picture:

The quote is under the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. The relative strength index (RSI) is below 50% and is declining, similar to the stochastic indicator.

Possible dynamics:

A decrease and consolidation below 1.2775 is likely to lead to a local fall to 1.2710.