USDCAD stays above a bullish trend line on the 4-hour chart and remains in the uptrend from 1.2450.
As long as the price is above the trend line, the fall from 1.2916 could be treated as consolidation of the uptrend and further rise towards 1.3000 area is still possible after the consolidation.
On the downside a clear break below the trend line support could indicate that the short-term uptrend from 1.2433 had completed at 1.2916 already, then deeper decline to 1.2650 area could be seen.
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