USDCAD remains confined within a well-defined descending channel, and price action suggests that wave C has likely been completed. With the market positioned near the channel's lower boundary, the probability of a corrective recovery toward the descending resistance is increasing. While early signs of a reversal are emerging, more reliable confirmation will likely develop closer to the key support zone. A sustained move above intraday structure levels would further validate the recovery scenario, offering higher-probability trade setups in line with channel dynamics.