USDCAD extended its downside movement from 1.2662 to as low as 1.2061.
As long as the price is below the bearish trend line on the 4-hour chart, the bounce from 1.2061 could be treated as consolidation of the downtrend, and a further decline to 1.1800 area is still possible.
Only a clear break above the trend line resistance could signal completion of the downtrend.
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