The USDCAD has been trading mostly between 1.4334 and 1.4466. Yes there were two breaks lower last week which failed, but most of the price action has been within that area.
In trading today another break to the downside occurred after the CPI data. That sent the price down to allow near 1.4302. That level was a swing level going back to mid-December.
The setback rally has now taken the price back toward the low of the break point from earlier today and that threatens to derail the bearish tilt.
Find out above it in the above video.