USDCAD’s bounce from 1.2526 extended to as high as 1.2675, facing the resistance of the top trend line of the price channel on the 4-hour chart.

A clear break above the channel resistance would indicate that the downtrend from 1.3124 had completed at 1.2526 already, then further rise to 1.2760 area could be seen. On the downside, as long as the channel resistance holds, the bounce from 1.2526 could be treated as consolidation for the downtrend and another fall towards 1.2350 is still possible.