(Please click on the accompanying chart to enlarge.)
Price action on the USD/CAD daily chart, as shown, has made a large bearish move on Monday, breaking down below a steep uptrend support line. This comes on the heels of hitting the second peak in a potential double top (around the 1.3000 region). Any further bearish action on the current trendline break could first target the 1.2000 support/resistance area before potentially shooting for the bottom of the trough in the current double top formation.
Technical Trading Tips and Techniques by 

Hi James
I have been eyeing that double top since Friday’s bear candle close. Technically it has to close below 1.1460 to go all the way to parity?
su25
Hi su25,
Yes, you are correct. It is not actually a bonafide double top until price falls below the intervening trough. If and when that happens, many short orders could be triggered, as technical traders are watching this level very closely. Thanks, su25!
James Chen