USDCAD remains in downtrend from 1.2778, the bounce from 1.2061 is likely consolidation of the downtrend. Near-term resistance is at 1.2300, followed by the bearish trend line on the daily chart now at 1.2480.

Further decline is still possible after the consolidation and a breakdown below 1.2061 could trigger another fall towards 1.1800.

Only break above the trend line on the daily chart could signal completion of the downtrend.