After touching the upper border of the falling price channel on 4-hour chart, USDCAD pulls back from 1.1697, suggesting that the pair remains in downtrend from 1.2504. The rise from 1.1474 is more likely consolidation of the downtrend. Deeper decline is possible after consolidation, and a break below 1.1474 will signal further fall towards 1.1300 zone. However, a clear break above the channel resistance will take price back to test 1.1824 key resistance.
