USDCAD is facing the resistance of the falling price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.3041 could be treated as consolidation for the downtrend from 1.3347, further decline towards 1.3000 is still possible after the consolidation. Key resistance is at 1.3122, only break above this level could signal completion of the downtrend.
