USDCAD broke above the upper border of the falling price channel, suggesting that the downtrend from 1.3063 has completed at 1.0784 level already. Further rally to 1.1700 zone to reach the next cycle top on daily chart is possible next week. Near term support is at 1.1400 followed by 1.1250.
For long term analysis, USDCAD might be forming a cycle bottom at 1.0784 level on weekly chart. Rebound towards 1.2000-1.2500 area is possible in next several weeks.