USDCAD stays below a falling trend line on its 4-hour chart and remains in the downtrend from 1.2590. As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 1.2200 area. Near term resistance is at 1.2390, a break of this level could bring price back towards the trend line. Only a clear break above the trend line resistance will indicate that lengthier consolidation for the downtrend from 1.2920 is needed, then further rise to 1.2500 area could be seen.
