USD/CAD Price Analysis: Bulls under pressure near critical support

• USD/CAD bulls need to move in at this juncture or face significant risks of a downside breakout. 
• The inverse H&S thesis is on the verge of breaking down and 1.2610/20 could be critical in this regard. 

The price is stalling at previous H1 wick lows that have a confluence between the 38.2% Fibonacci retracement level and 50% mean reversion of prior bearish impulse. 

USD/CAD H1 chart

If bears commit, then the prospects of a meanwhile continuation for the sessions ahead open risk to test below 1.2650. 1.2580 will then be eyed:

USD/CAD longerterm outlook

Meanwhile, as per the prior analysis, USD/CAD Price Analysis: Bulls failed to break out, but Inverse H&S could now be the ticket, there is the case for the upside as follows:

Therefore, it will be imperative that the shorter-term time frame support structures hold up under the current pressure. 1.2610/20 could be important in this regard.