USDCAD was on the rise for the last week or so, it moved nicely from 1.2660 towards 1.2900 where pair may find resistance. The reason is a three wave recovery from November low that can be wave B) as part of an Elliott wave flat correction. In flats wave B) will usually find a turn at the starting point of wave A) which in our case is 1.2916; so it's close enough for a switch into lower wave C). Fall below 1.2800 would support the bearish view towards 1.2700, or even 1.2600.

USDCAD, 4H