For reference, here is the slightly shorter term: (annotations on charts)
And the longer term view:
From a technical viewpoint, any reversal would ideally come from the 2016 low. However, there are few news for this pair on the near term.
If price action does not signal a move upward and the pink channel breaks, I will continue to watch Yearly S1 (1.236) and 2015's low (1.193). These points may attract and slingshot a grossly oversold USDCAD .
If price does break out, key initial targets would be Monthly S1 (1.275) and Monthly (1.315).
Waiting patiently for a strong signal - for me would be a long or a .
Happy trading :)