USD buying helps the rebound
The USDCAD fell after the better than expected Canada jobs data (35.3K vs 15K and full time employment leads) and weaker earnings in the US. However, the rebound in the USD as the morning trading progresses has led to a rebound in the USDCAD too.
Looking at the 5 minute chart above, the pair has corrected toward the 50% of the day's trading range at 1.27747 level. That tends to be a key level after sharp moves. Stay below, sellers remain more in control. Move above and sellers give up.
We are testing that 50% level now.