USDCAD has been on my watch for quiet some time now. WE can tell the daily chart is way over extended without a proper pullback/correction. In order for it to continue to drop, it must pullback and form another lower high to continue downward. In the next few weeks, expect a bullish pullback to around 1.2900 level, then we are all going to enter a short position for a long term.
I will be interesting in a bullish pullback, but main focus is the short once price action form a lower high on daily. Keep an eye on any potential long trade this week or next.