This USD/CAD weekly chart highlights a good 'W formation', which is a technical analysis term.
It shows some of the key price action that can help your decision-making- namely the retest or bottoming action. Price usually takes two or three pushes at a low level before a bottom is in. In this case, the break above the near-term bounce resistance opens up a move to 1.3000 on the pair over the coming weeks.
This would be the initial idea, which can then be used to consider the best entry point.