USDCAD already topped and is headed back down to the daily (support) of the 1.2920 area. Since the top, the pair had a pullback to the resistance of the 1.3186 area and the and the resistance , this is all confluence. Next, the 1.27 fib extension is near the zone of a support sot here is probable reason for another retracement here. This retracement should rise to the resistance , the first fib retracement of 38% and the new fib retracement of 23% as there is confluence between the two fib percentages. After that, we will see a new short leg to the daily channel support i mentioned earlier of 1.2920, in this area is also the 1.618 fib extension that support the end/bottom of the trend and probable start of a new up trend.
Comment: I hope all was understood.