The USD/CAD pair is in a short-term down-trend after breaking below the neckline of a head-and-shoulders pattern. It has pulled-back temporarily but it will probably break lower extending the trend down. A break below the current lows at 1.1943 would signal such a move down. An initial target for the move can be calculated using the leg down before the small correction, and extrapolating that down 100% – assuming the move forms a measured move. I have marked this on the daily chart below; extrapolated lower gives a final target for the next leg at 1.1835.
USD/CAD Daily Chart