USDCAD is testing the support of the price channel on the 4-hour chart. A breakdown below the channel support would indicate that the upside movement from 1.2782 had completed at 1.3263 already, then deeper decline to 1.3050 area could be seen.

Near-term resistance is at 1.3190, a breakout of this level could trigger another upside movement towards 1.3300.