USDCAD remains in downtrend from 1.3063. The rebound from 1.2191 is treated as consolidation of the downtrend. Deeper decline is still possible to 1.2000 zone after consolidation. Near term resistance is at 1.2500, above this level will indicate that lengthier consolidation is underway and further rise could be seen to 1.2650.
For long term analysis, USDCAD remains in bullish movement. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.