As we expected last week, USD/CAD made a small corrective recovery in wave »iv«, an at the same time CAD/JPY made a corrective pullback into a wave 2, so seems like CAD may stay strong in the upcoming sessions, especially if we consider weak USD and even weaker JPY. However, keep in mind that Crude oil can be approaching important resistance here around 57-59, so with a potential drop, CAD might be in danger.
Anyway, it is quite a big recovery, so only a sharp and impulsive decline back beneath 54.44 region would confirm our bearish view.