USDCAD remains in the downtrend from 1.2943, the bounce from 1.2544 could be treated as consolidation for the downtrend. Support is at 1.2544, a breakdown below this level could trigger another downside movement towards 1.2450 area.

Near-term resistance is at 1.2625, only a break of this level could bring the price back towards the falling trend line on the 4-hour chart. Only a clear break above the trend line resistance could signal completion of the downtrend.