Last time we looked at $USDCAD, we saw that it was in a rising channel, but this channel was coming up against a key resistance around 1.26. USD/CAD 4H Chart(click to enlarge)- The 4H chart shows USD/CAD breaking below a persistent rising channel.- The bullish trend since early September has definitely shifted.- Now, there is bearish bias. - If price rallies but fails to push above 1.2550, we would have more confirmation for the bearish outlook.- I noted support around 1.24 last time.- If price slides below that, we can still target the 1.22-1.2250 ie. 1.2225 area without expecting a bearish continuation. - In other words we can start anticipating a medium-term sideways market, and still anticipate a short-term bearish market. - On the other hand, inability to push below 1.24 with ability to push back above 1.2550 would tell us that bulls are still in charge .