USDCAD extended its rebound from 1.2061 to as high as 1.2239. Further rise is still possible and the target would be at the bearish trend line on the daily chart. However, the bounce is likely consolidation of the downtrend from 1.2778. As long as the price is below the trend line, the downtrend could be expected to continue and another fall towards 1.1800 is still possible.
