USDCAD remains in the downtrend from 1.2590, the bounce from 1.2281 is likely consolidation of the downtrend. Further decline could be expected after the consolidation and next target would be at 1.2200 area. Near term resistance is at 1.2400, only break above this level will suggest that lengthier consolidation for the downtrend from 1.2920 is underway, then the pair would find next resistance at around 1.2500.
