The mega Head and Shoulders formation shown on the chart holds and the price movement responds to it accordingly. Although there are a few more steps left to finally declare the formation (still not finished), we may assume that the price can go all the way to 1.23 levels where we have a "Neckline" (shown as dotted line). Then again, USDCAD is a commodity pair and shall always be studied along with Oil prices. Also the general state of USD (USD Index) plays an important rule in evaluating USD-CAD.