Apparently there is downtrend on this pair within the upward channel. Target is on 1.47 area but if breaks trough the channel and goes under pivot point we might see 1.45 and then below 1.40 areas. With current fundamentals working for CAD (price of the oil, not good EU economy and some improvements in Canadian economy) it wont be surprising if we see 1.38 area somewhere this year. This could be considered as continuation on my previous idea published on March 25