USDCAD remains in the uptrend from 1.2803, the fall from 1.3124 is likely consolidation for the uptrend.

Support is now at 1.3040. As long as this level holds, the upside movement could be expected to continue and next target would be at 1.3200 area.

On the downside, a breakdown below 1.3040 support would suggest that the upside movement had completed at 1.3124 already, then deeper decline to 1.2900 area could be seen.