USDCAD Engulfing Bar

I'm monitoring this pair for now for a few key reasons:

• US dollar index is now bearish as it fails to make a new higher high. The lower high has peaked.
  
• On the daily timeframe, there's an engulfing bearish bar after a strong rally to the upside. This indicates that buying volume has thinned out.
  
• I'm watching for price to break through a floor for further downside action.