The USDCAD drop from 1.2132 has held short term trendline support. A closer look at the decline reveals that it is an impulse though and that the line will most likely be broken.
I wrote yesterday to “expect an advance into the Fibonacci zone (1.1612-1.1808) before weakness resumes into the 1.0962-1.1176 area.” The USDCAD has entered that zone so be on the lookout for a top and reversal.