The depicted chart shows that the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20. The bears took advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels).

The USD/CAD pair returned to test the previous support zone around 1.0900 (50% Fibonacci level) which previously provided a considerable support at retesting on February 19.

Daily closure below 1.0920 took place briefly. However, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction on the next day.

On the other hand, on the 4H chart, the price zone of 1.0990-1.1045 ( 38.2% Fibonacci of the most recent bearish swing ) was expected to provide a considerable resistance and it did.

This price zone corresponds to a recently established resistance zone as well.

The bullish pressure, which was being applied over this resistance zone, was invalidated by the current bearish spike that reached 1.0955.

Now it's obvious that the bulls can't maintain trending above the depicted uptrend line.

The previously suggested bearish position is now running in profits. Stop loss should be located just above 1.1060. The next TP level should be located at 1.0920.