USD/CAD Price Analysis: Bulls eye break to prior support, bears seek long-term chart extension

• USD/CAD is bottoming as the US dollar attempts to correct.
• Bulls look for a break and pull back for a 61.8% Fibo retracement target.
• Bears await the test of a 38.2% Fibo and can monitor for new bearish structure. 

USD/CAD has been pulling in sellers below a monthly support level that gave way, subsequently putting the market in the hands of the bear's. 

A continuation to the downside can be expected following a meaningful correction and the following illustrates where the opportunities may arise on the 4-hour chart.

Monthly chart

Weekly chart

Daily chart

4-hour chart