USDCAD is trading in a channel since AUG 2021 and from my analysis, this is Wave 4 and is now coming to an end meaning we might continue to the downside to the end of Wave 5. However, the price is currently near 200 EMA that might provide support as it has for 4 occasions within the channel acted as a resistance. I entered short at the rejection of the upper boundary of the channel and will hold my position and ride it down. If not entered, wait until the 200 EMA is broken to ride to the lower boundary of the channel ( 1.25 area) or to 1.2 area.