USDCAD remains in the downtrend from 1.3327. As long as the price is below the falling trend line on the 4-hour chart, the bounce from 1.2951 could be treated as consolidation for the downtrend, and further decline towards 1.2900 is possible after the consolidation.
![USDCAD 4-hour chart](https://www.forexcycle.com/wp-content/uploads/2020/20200106_USDCAD_1.png)