USDCAD - W - ON THE WAY DOWN TO 1.20?

In the short term USDCAD looks like it'll re-test the support level at 1.2000 but then it's anybody's guess what will happen. A bounce off of support may lead to a break of the descending trendline and another run at the 1.2800 level. On the other hand, a break of the ascending trendline would likely mean a drop to the 1.1400 zone.