USDCAD remains in the uptrend from 1.2450, the fall from 1.2916 is likely consolidation of the uptrend. Near term support is at the bullish trend line on the 4-hour chart, followed by 1.2780. As long as the price is above the trend line, the upside movement could be expected to continue and a breakout of 1.2916 resistance could trigger another rise towards 1.3100. On the downside, a breakdown below 1.2780 support will indicate that lengthier consolidation for the uptrend from 1.2061 is underway, then deeper decline to 1.2600 area could be seen.
