USDCAD remains in the downtrend from 1.2920. As long as the price is below the falling trend line on the 4-hour chart, the bounce from 1.2355 could be treated as consolidation of the downtrend. A breakdown below 1.2355 could trigger further downside movement to 1.2200 area. On the upside, a breakout of 1.2449 resistance will indicate that consolidation for the downtrend is underway, then further rally towards 1.2555 could be seen.
