After bouncing from just ahead of 1.1000, the USDCAD rallied to the 20 day SMA but was rejected there Friday. Still, "1.1000 is the 261.8% extension of wave 1 (1.1879-1.1562). With a measured objective at 1.1000, deeply oversold daily RSI, and ATR declining (from 79 to 72) since 4/30, it is likely that the USDCAD has put in an intermediate term low at 1.1005.
A 4th wave correction will bring the USDCAD up to Fibonacci resistance between 1.1199-1.1318 before a 5th wave completes the bearish pattern below 1.0927." The decline from 1.1168 is most likely just the B wave of an A-B-C correction. One more rally leg should unfold before the USDCAD completes the longer term 5th wave under 1.0927.