USDCAD remains in the downtrend from 1.3289, the bounce from 1.3024 is likely consolidation for the downtrend. Resistance is now at the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.2900 area. Only a clear break above the channel resistance could signal completion of the downtrend.
