USDCAD’s bounce from 1.2061 extended to as high as 1.2219. Further rally is still possible in a couple of days and the target would be at the bearish trend line on the daily chart now at 1.2515. However, as long as the price is below the trend line, the bounce could be treated as consolidation of the downtrend from 1.3793 (May 5 high), another fall towards 1.1800 is still possible after the consolidation.
