In my last update, I advised that the USD/CAD was approaching strong resistance around 1.18. I also stated that strength beyond that level would see us make a move for the long-term highs at 1.30. See the article here: http://investfts.blogspot.co.uk/2014/12/usdcad-update.html
The Bank of Canada has since provided the catalyst for our move, announcing a shock interest rate cut of 0.25% The market will now make a move for 1.30 as previously suggested.
Follow the trends, position yourself accordingly, and then let the markets do your bidding. The majority of speculators will have been looking for a short on USD/CAD, but the majority don't win.
Short the weak; go long the strong!