USDCAD seems to be in the process of doubling the range. Here's why: 1) the CAD has been the strongest currency, whereas the USD - one of the weakest in recent days, 2) every next correction (move up) was smaller than the preceding one - weak demand, while the swings down get bigger, 3) market seems unlikely to stop and reverse in the middle of nowhere - it's probably heading for the horizontal resistance (prior range that held above a swing low) and the sloped one (bull trend line) 4) ranges tend to double themselves, 5) 1.20 acting like a magnet.
RISK factors: a) it's a correction in up trend on a big picture, b) support at 1.20 may not let price through, c) uncertainty about the future - everything works sometimes, nothing works all the time.