In the short term USDCAD
looks like it'll re-test the support level
at 1.2000 but then it's anybody's guess what will happen. A bounce off of support may lead to a break of the descending trendline
and another run at the 1.2800 level. On the other hand, a break of the ascending trendline
would likely mean a drop to the 1.1400 zone.