USDCAD remains in the short term uptrend from 1.2061. Further rise towards the bearish trend line on the daily chart would likely be seen.

As long as the price is below the trend line, the bounce from 1.2061 could be treated as consolidation of the downtrend from 1.3793 (May 5 high), and further fall towards 1.1800 is still possible after the consolidation.

Only a clear break above the trend line resistance could signal completion of the downtrend.