USDCAD’s bounce from 1.2061 extended to as high as 1.2598. Further rise is still possible in a couple of weeks and next target would be at 1.2778 resistance. Above this level would indicate that the downside movement from 1.2793 had completed at 1.2061 already, then the following bullish move could bring price to 1.3200 area. However, as long as 1.2778 resistance holds, the bounce from 1.2061 could be treated as consolidation of the downtrend, and one more fall towards 1.1600 is still possible.
