As I noted in my last analysis of USD/CAD, there was a real danger that another false breakout above 1.31 had happened and a strong bearish reversal was at hand. With the price below 1.29 and below the long-term triangle, things do not look good for this pair.
The black line - support
USD/CAD has broken below the lower triangle boundary and below the Ichimoku cloud on a daily basis. This is a bearish sign as the price could have formed a bearish flag that is now broken. The long-term implications for this pair are bearish targeting below 1.20.
On a weekly basis, the price has made a weekly rejection at the cloud resistance and has broken through a bearish pennant formation. The 100% extension of the decline relative to the first leg of the decline targets 1.11. More moderate target is at 1.19 and 1.14.
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