USDCAD on the 12H chart has completed a clear impulsive five wave decline followed by a contracting triangle correction labeled ABCDE, indicating a Elliott Wave continuation pattern after wave 5. Price is currently testing the upper boundary of the triangle near 1.37800, forming lower highs and higher lows within a well respected symmetrical structure. The rejection from point E aligns with declining momentum and suggests a bearish breakout is likely as price fails to gain bullish traction above the resistance zone. A breakdown below the lower trendline support around 1.36000 would confirm the continuation of the downtrend with potential targets extending toward the Support area.