USD/CAD stays above a bullish trend line on the daily chart and remains in the uptrend from 1.2061. As long as the price is above the trend line, the fall from 1.2916 could be treated as a consolidation of the uptrend and a further rise to the 1.3100 area could be expected after the consolidation.
Near term resistance is at 1.2916, above this level could signal resumption of the uptrend. On the downside, a clear break below the trend line support will suggest that the uptrend had completed at 1.2916 already, then the following downside movement could bring the price back to the next support level at 1.2433. Below here would aim 1.2200.
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