USDCAD breaks below 1.1464 (Nov 5, 2008 low) long term key support, suggesting that a cycle top has been formed at 1.3063 on weekly chart. Further fall is now in favor, and the next target is at 1.1000 level. Initial resistance is at the falling trend line from 1.2504 to 1.1813, and key resistance is now located at 1.1813, as long as this level holds, the downtrend from 1.3063 will continue.
For long term analysis, USDCAD has formed a cycle top at 1.3063 level on weekly and monthly chart. The pair is now in long term bearish movement. Further fall towards 1.0500 is expected in next several weeks.