Actually ups and downs signalize, that the system has reached the balance or are close to reach it.If you look at the partials from May 4th, you'll see that we had a sharp increase in high points applications in the last few days before this draw. That's too abrupt to indicate a trend, and most likely comes from a batch release of nominations or something like that.
Earlier this year we had frequent cut off increases because an abnormally small number of ITAs were being given out. Since this number normalized to what should be the normal (given IRCC's immigration goals), we constantly have had cut off decreases. So, if anything, we're on a downward trend currently, albeit one soft enough to have occasional ups-and-downs. We still have some way to go before we reach an equilibrium.
Let me correct you again:
1. There is no immigration goal to reach certain numbers of ITA. The only target there, is for the nr of immigrants in each category. Which means that amount of ITA depends on many factors.
2. We do not really know all of them (some more recent statistics were not published but they are available internally for the immigration office). And without a proper knowledge you cannot calculate so called "normal" values very exactly. And the truth is, that from the data we know ITA can oscillate anywhere between 50k and 90k.
3. Saying that you are on a downward trend, without specifying which time period are you commenting, does not give any relevant information.
Actually we are on an upward trend, when compared the data of the last 12 months. And if you would compare similar situation of ITA increase after the system was held on high CRS because of the low ITA (that is to compare first 3 months of 2017 and last 3 months of this year), the indication of a tougher competition is evident.