USDCAD has made a five wave of a decline from 1.4683 high which is a very strong evidence for a bearish trend. We are talking about black wave A/1, the first wave of this big new bearish cycle, followed by current slow and overlapping price movement that is either wave B or 2. So we know that sooner or later downtrend will resume, but the question is from where. Well, based on recent price developments we see pair headed higher, into final blue leg C, after a triangle correction in blue wave B-circled had been recognized. Ideally this whole corrective rally since April is in the process of reversing and continuing towards new lows from current levels.