The downward correction is possible.
On the 4-hour chart, the pair USD/CAD is trading near the crossover between 61.8% Fibonacci retracement and 61.8% Fibonacci arc for a short-term trend. The breakdown of 1.2393 would allow the price to fall towards 1.2345 (50% Fibonacci) and 1.2300 (38.2% Fibonacci). The breakout of 61.8% arc and consolidation above 1.2420 may lead to the strong price rise towards 1.2470 and 1.2550. On the daily chart, the price is testing 61.8% arc for a medium-term trend and its breakout may lead to the price rise to 1.2470 (61.8% Fibonacci). Thus in the short-run the price may fall to 1.2345 and 1.2300, while in the medium-term it may grow to 1.2470 and 1.2550.
Open short positions after the breakdown and consolidation below 1.2393 with targets at 1.2345 and 1.2300. The breakout of the level of 1.2420 would lead to the upward movement towards 1.2470.