USDCAD breaks below 1.1543 support, suggesting that a short term cycle top has been formed at 1.1723 level on 4-hour chart. Deeper decline is expected to test 1.1418 medium term support later today. As long as this level holds, we’d expect uptrend from 1.0784 to resume and further rally to 1.1800 is possible. However, a break below 1.1418 level will indicate that the uptrend from 1.0784 has completed at 1.1723 level already, then the following downtrend will take price back to 1.1200 zone.
