USDCAD stays in a bearish price channel on its 4-hour chart and remains in the short term downtrend from 1.2778. As long as the price is in the channel, the downtrend could be expected to continue and further decline to test 1.2413 support could be expected. Near term resistance is at the top trend line of the channel, only a clear break above the channel resistance could bring price back into 1.2700 zone.
