The USD is retesting the low from last week and in the process, testing the lowest level going back to April 2018.
Looking at the daily chart, the low is the lowest level since April 19, 2018. The low for April 2018 reached 1.25270 and would be a target from the daily chart if new lows are made.
Drilling to the hourly chart below, the move higher off the January 6 low reached up to the 61.8% of the move down from the December 21 high (at 1.2831). That high was on Monday. Since then the pair has stepped lower. Falling below the 1.2655 to 1.2664 swing area from last week's trading was broken two hours ago. That gave sellers the technical reason to go for the retest of the low. It would now take a move back above that area, to give dip buyers some comfort that the bottom is in place.
Key test for the USDCAD for both dip buyers and the sellers.