USDCAD extended its downside movement from 1.2920 to as low as 1.2630, facing 1.2623 support. Near-term resistance is at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 1.2433.

On the upside, a clear break above the trend line resistance will suggest that the downside movement is complete, then the following rebound could bring price back to 1.2800 area.