USDCAD is in a major sideways corrective structure and I think it is not over yet. It seems like this pair is unfolding in the shape of an ending diagonal for wave C of wave Y.
I will be looking for a short opportunity for wave 4 of the ending diagonal. However this pair turns into a complex corrective combination and we therefore have to keep in mind that every single bearish reversal might turn into an acceleration lower.
That being said I expect a test of 1.358 zone first. Updates will follow.
Daily outlook has slightly changed as can be seen by means of the chart below.
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watch for consolidation (flag pattern) before selling continuation. Only once we break below wave (2) the ending diagonal scenario is off the table.