USD/CAD has been bearish in April. The 4H chart shows a market that fell from a high of 1.2784 at the end of March to 1.2085 by mid-March. Then it rebounded, but the bullish correction was weak, stalling at 1.23.USD/CAD 4H Chart 4/24(click to enlarge)The 4H chart shows that during the 4/23 session, price fell relatively sharply, at least relative to the candles during the correction. This price action has bearish continuation written all over it.1) Price held under the cluster of 200-, 100-, and 50-period simple moving averages (SMAs), which are sloping down and in bearish alignment.2) The RSI has tagged below 30 and held below 60, even 50, which shows maintenance of the prevailing bearish momentum.3) The obvious - a bearish breakout from consolidation structure, with a relatively strong 4H candle.USD/CAD looks poised to test 1.2085 and extend the decline towards the 1.20 low, unless today's US durable goods order surprises and gives the USD a boost.The thing is, if price extends further below 1.20, we should not expect too much of a decline and limit the bearish outlook to the 1.18 handle.USD/CAD Daily Chart 4/24(click to enlarge)The 1.20 level is a common resistance for a short period in January. 1.18 was a support pivot in January as well. Note that the broken price top has a range of roughly 450 pips. Projecting 450 pips under 1.24 would target the 1.1950 area. This is to say, we should start looking for signs of buyers in the 1.18-1.20 area.