USDCAD is now in the downtrend from 1.2688, the bounce from 1.2450 is likely consolidation for the downtrend.

Further decline is still possible after the consolidation and a breakdown below 1.2450 support could take price to 1.2300 area. Resistance is at 1.2570, only break above this level could trigger another rise towards 1.2688 resistance.