USDCAD is now in short-term downtrend from 1.2916. Deeper decline is still possible after a minor consolidation and next target would be at the bullish trend line on the daily chart now at around 1.2625.

Near-term resistance is at the falling trend line on the 4-hour chart, only a clear break above the trend line resistance could take the price back towards 1.2916 previous high.