Falls below the 1.2820 support area.

The USDCAD continues to move lower as BOC Poloz continues press conference. He is sounding more hawkish in his comments.

Technically, the price has move below the trend lines on the hourly chart and the lows from September 2016 at the 1.2810-20 area. That area is now risk for shorts. Stay below and the sellers remain in control.

The pair is moving toward the August 2016 low at 1.27617. It is coming up quickly. A break below that level will have traders targeting the lows from May/June 2016 at 1.2676 and 1.2654.

The trend continues to the downside and the Poloz and Wilkens are supporting the move. Like the 1.2820 level, there should be some cause for pause at the August low. Risk can be defined and limited. However, on a break, the buyers may quickly get out in respect for the downward trend action.