USDCAD is now in the downtrend from 1.2997, the bounce from 1.2728 is likely consolidation for the downtrend.

Range trading between 1.2728 and 1.2850 would likely be seen in a couple of days. The downtrend could be expected to resume after the consolidation and a breakdown below 1.2728 support could trigger another fall towards 1.2600.