USD/CAD remains in the downtrend from 1.2920, the bounce from 1.2355 is likely consolidation of the downtrend. Range trading between 1.2355 and 1.2590 would likely be seen in a couple of days. Further decline could be expected after the consolidation and a breakdown below 1.2355 support could take price to 1.2200 area. Only a breakout of 1.2590 resistance could signal completion of the downtrend.

USDCAD 4-hour chart

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