The pair has been trending down when a bullish breakout above the bearish daily channel took place. However, the potential downside move remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
On Friday, further downside movement was anticipated when the USD/CAD pair gave strong bullish reaction towards 0.9950 - 0.9925, shortly after the USD/CAD pair reached down to 0.9880 this week.
Price zone 0.9880-09845 (Important Fibonacci Levels) provided strong support expressing strong bullish price action which is manifest on the 4H chart.

This will probably allow the USD/CAD pair to initiate a bullish move towards 1.0025 corresponding to the upper limit of the bullish channel depicted on the charts.

Support: 0.9950,0.9925, and 0.9875.
Resistance:0.9990,1.0010, and 1.0040.

Recommendation
Price Action towards the price zone 1.0025 - 1.0040 should be watched carefully for a possible valid SELL entry with SL  located above 1.0060.   

Obvious breakdown below 0.9925 supported the bearish scenario in the short-term targeting 0.9860 - 0.9840 initially.