USDCAD broke above the falling trend line on the 4-hour chart, suggesting that the downside movement from 1.2920 had completed at 1.2355 already.

Further rally is still possible and next target would be at 1.2555.

As long as this level holds, the rise from 1.2355 would possibly be consolidation of the downtrend from 1.2920, and another fall towards 1.2200 is still possible after the consolidation.