USDCAD remains in the downtrend from 1.3385, the price action from 1.3129 is likely consolidation for the downtrend. As long as 1.3224 resistance holds, the downtrend could be expected to resume and further decline towards 1.2950 area is possible. Only a breakout of 1.3224 resistance could bring the price back to 1.3320 area.
