No changed in our view, USDCAD remains in downtrend from 1.3347, the bounce from 1.2859 could be treated as consolidation of the downtrend. Near term resistance is at the top trend line of the price channel on its 4-hour chart. As long as the pair is in the channel, the downtrend could be expected to continue and next target would be at 1.2700 area. On the upside, a clear break above the channel resistance could take price to test 1.3014 key resistance, only a break of this level will indicate that the downtrend had completed at 1.2859 already, then further rally to 1.3100 area could be seen.
