USDCAD breaks below 1.1543 support, suggesting that a short term cycle top has been formed at 1.1723 level on 4-hour chart. Deeper decline is expected to test 1.1418 medium term support later today. As long as this level holds, we€™d expect uptrend from 1.0784 to resume and further rally to 1.1800 is possible. However, a break below 1.1418 level will indicate that the uptrend from 1.0784 has completed at 1.1723 level already, then the following downtrend will take price back to 1.1200 zone.