USDCAD is facing the resistance of the falling trend line on the 4-hour chart.

As long as the trend line resistance holds, the bounce from 1.2887 could be treated as consolidation of the downtrend from 1.3174 and another fall towards 1.2800 is still possible after the consolidation.

On the upside, a clear break above the trend line resistance would indicate that the downside movement had completed at 1.2887 already, then next target would be at 1.3100 area.