USDCAD is facing the resistance of the falling trend line on the daily chart. As long as the trend line resistance holds, the bounce from 1.2782 could be treated as consolidation for the downtrend, and another fall towards 1.2650 is still possible.
On the upside, a breakout of the trend line resistance would indicate that the downtrend had completed at 1.2782 already, then the following upside movement could take the price to 1.3600 area.
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