The USDCAD has pierced the 1.1200 figure this morning and this may be what needs to happen before the USDCAD can stage a much needed rally (major divergence with RSI on the 240 minute chart).
There is little doubt that the decline from 1.1825 is a 3rd wave. Therefore, any rally should be treated like a correction as a 5th wave decline will eventually take the USDCAD to lower levels. Initial resistance is the 4/19 high at 1.1309. The next support level is the 10/30/2006 low at 1.1176.