USD CAD has been in a major uptrend this year. Loonie has weakened as the price of Crude oil continues to fall, supplies of oil increase, and oil dependent economies around the world feel the pinch. The pair has gone parabolic straight up into 12 year highs.
USD CAD has moved down in a corrective move this week during light holiday trading.
Expect some consolidation then more rangy back and forth upside in the short term and then a big correction.