USD/CAD has turned sharply down at the start of October, but won't stay that way for long.
Notice that price found a support in October, at the rising trendline connected from 1.1920. Since then pair has been progressing within uptrend which now looks like a wave 5) that is headed back to the highs of 2015.
On the lower time frame, USD/CAD moved again to a new swing high after recent consolidation down to 1.3225 (which we labeled as wave (ii)). Current leg up can be just a start of another strong bullish run that can lift prices even up to 1.3500 this month as we see big wave 3 in play from 1.3038 low.
If we are correct, then a sharp break higher must occur soon, while 1.3224 support holds. Move beyond that level will indicate that blue wave (ii) is still underway. We still think that sooner or later price will break to new highs of 2015.