A pattern that goes AGAINST the trend is typically a continuation pattern. As we see on the chart, the was broken downwards.
Should the pattern hold, we will likely see USDCAD test support in the neighborhood of 1.21 again. What happens after that point is crucial. If it breaks through convincingly, we could see this trend continue all the way until 1.12. On the other hand, if it bounces off support nicely, it may form a pattern and the trend will reverse.
Until then, it is advisable to get yourself some CAD. Or some oil .