Looking at the USDCAD Forex Chart below, it looks like we're at the bottom of the regression channel sitting in and around 1.0578 and with no major news announcements coming up today I would figure that we're looking at a move to the long side - however with volatility / deviation decreasing my hypothesis is that the downward trend from 1.0755 is for the most part over and USDCAD would likely recover a little bit after ranging a bit. Possibly retrace all the way to 1.0640 levels.

I would only make that trade on the long side if I were to see momentum on the shorter time frames. Current bias however is indeed on the long side.