USD/CAD extended its downside movement from 1.3226 to as low as 1.2975. Near term resistance is at the top trend line of the price channel on the 4-hour chart, as long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.2900 area. Only a clear break above the channel resistance could signal completion of the downtrend.

USDCAD 4-hour chart

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