USD/CAD Daily Chart 4/27 (click to enlarge) USD/CAD was trading sideways from the end of January through mid-April after which it shifted to a bearish trend, breaking the multi-month range support that was in the 1.2350-1.24 area. Let's follow up with this bearish breakout in the 1H chart. USD/CAD 1H Chart 4/27(click to enlarge) As we begin the 4/27 Asian session, the 1H chart shows a market that has been consolidating above 1.2085 since 4/17. A short squeeze reached a peak of 1.2305 before retreating. We can say that price regained the bearish posture by late last week as USD/CAD fell below a common support in the 1.2178-1.2203 area and as the RSI dipped back below 30. Also note that the 200-, 100-, and 50-hour simple moving averages are back in bearish alignment and are sloping down with price below all three. After a rebound from 1.21, price respected the 1.2178-1.2203 support as resistance, and the 1H RSI held under 60. These are signs that the bears are staying in control even in the very short-term.