USDCAD seems to be forming a double w-x-y zigzag of the cycle degree.
Wave w of the bearish structure consists of primary sub-waves Ⓐ-Ⓑ-Ⓒ. Currently, we are in intervening wave x which will complete in a Ⓐ-Ⓑ-Ⓒ pattern.
Since wave x is incomplete we could see prices moving towards 1.399. At that level, wave x will be at 50% of zigzag w.
An alternative scenario suggests that wave Ⓒ is incomplete.
In this case, we can expect a bearish impulse (5) of the intermediate degree.
The completion of the impulse wave (5) could occur near the 1.311 area. At that level, wave (5) will be at the 76.4% Fibonacci extension of wave (3).