USD/CAD Price Analysis: Bulls eye 1.2880 but bears are lurking

• USD/CAD near-term price action is corrective and bullish.
• Bulls eye the 1.2880 area that resides in an area of the imbalance of price.

USD/CAD finds itself at a crossroads on the daily and hourly chart with a meanwhile bias to the upside on the shorter-term time frame but poised for a bearish extension on the daily chart. When taking into account that speculators’ CAD net long positions remain well below recent highs along with the recent break of daily support structure, the bias remains firmly in the hands of the bears. 

USD/CAD daily chart

The daily chart's support structure near 1.2820 has been pierced in a firm bearish impulse that took the price down to 1.2770 before it corrected at the start of the week. However, so long as the 1.2900 area remains intact, the focus is on the downside with 1.26 and below eyed. 

USD/CAD H1 chart

Meanwhile, the near-term price action is corrective and bullish. 1.2880 resides in an area of the imbalance of price which could be mitigated in the coming sessions so long as 1.2820 holds up against any bearish meanwhile pressures.