This week, USD/CAD rallied to a new high on the year at 1.3353. After this latest push, the market started to retreat. After a bearish swing, the next upward swing was rejected at 1.33, suggesting further bearish correction outlook in the short-term. USD/CAD 4H Chart 8/28(click to enlarge) The short-term outlook however might need to be limited. As we can see in the 4H chart if price falls to the area between 1.31 and 1.3150, USD/CAD will be testing a rising trendline, the middle of the moving average cluster, and a support/resistance pivot area. In fact if price suggests support there and shows some bullish movement, I would look for a bullish continuation scenario. A break below 1.31 however neutralizes the prevailing uptrend and puts USD/CAD in a sideways maybe even slightly bearish outlook for the short-term.