A wave 4 low may be in place for the USDCAD.
A line drawn off of highs from late 2007 / early 2008 has probided support ahead of 1.13, which is the 4th wave of one less degree as well as the 50% retracement of the rally from .9817 (low of wave 2). If a low is in place, then price should remain above 1.16.