Normally when the market trends, It tends to move in waves of . Now the market is trying to form a point C to make a big move down to 1.24939. The possibility of this happening today is quite high due to economic news that will be getting announced later today.
NB: Economic news usually act as a catalyst.
Three major impact news on USD and CAD. The trade balance of each country's economy and the unemployment claims in the US which could weaken the USD.
This analysis is opened minded, let's wait and see how the market will play out :)