USDCAD extended its upside movement from 1.2061 to as high as 1.2390. Further rise would likely be seen in a couple of days and next target would be at the bearish trend line on the daily chart now at 1.2440.

As long as the price is below the trend bearish trend line, the bounce from 1.2061 would possibly be a consolidation of the downtrend from 1.3793 (May 5 high), and another fall towards 1.1800 could be expected after the consolidation.

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