FXStreet notes that USD/CAD is holding above the bottom of a potential trend channel at 1.2274/66. Nonetheless,  analysts at Credit Suisse stay bearish, with the next major support at 1.2256/51.

“Short-term, the pair is holding above the bottom of a potential trend channel at 1.2274/66, however, we stay bearish, with the next major support below here seen at a major corrective price low at 1.2256/51, which is expected to prove a tough initial barrier at first. 

“With a major long-term top in place, we still see scope for an eventual move beyond here to 1.2062, the 2017 low.”