USDCAD breaks below 1.2191 support, suggesting that the medium term downtrend from 1.3063 has resumed. Deeper decline is still possible next week and the target is to test 1.1761 previous low support. Key resistance is now at 1.2300, above this level will indicate that the fall from 1.2714 has completed.
For long term analysis, USDCAD remains in long term bullish movement. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.