USDCAD is now in short term downtrend from 1.2778. Deeper decline to test 1.2413 support is possible in the coming days. A breakdown below this level will indicate that the downtrend from 1.3793 (May 5 high) has resumed, then next target would be at 1.2300 area.

Resistance levels are at 1.2690 and 1.2778, only break above these levels could trigger another rise towards 1.3000.