USDCAD remains in downtrend from 1.3063 and the fall extends to as low as 1.1490 level. The pair is now testing 1.1464 (Nov 5, 2008 low) long term key support, a break below this level will indicate that the long term uptrend from 0.9056 (2007 low) has completed at 1.3063 already. Near term resistance is at 1.1570 followed by 1.1650.
For long term analysis, USDCAD is forming a cycle top at 1.3063 level on monthly chart. Key support is at 1.1464, below this level will confirm the cycle top.