USDCAD remains in downtrend from 1.2778, the bounce from 1.2061 is likely consolidation of the downtrend. Near term resistance is at 1.2300, followed by the bearish trend line on the daily chart now at 1.2480. Further decline is still possible after the consolidation and a breakdown below 1.2061 could trigger another fall towards 1.1800. Only break above the trend line on the daily chart could signal completion of the downtrend.
