Price is trading above the cloud on the weekly chart. USDCAD remains in downtrend from 1.2563, and the fall extended to as low as 1.2127. Further decline to test 1.1919 support would likely be seen, a breakdown below this level will signal resumption of the longer term downtrend from 1.2835, then next target would be at 1.1500 area.

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk