NZD/CAD has been in a recent bullish breakout from both a rounded bottom, and a falling trendline.NZD/CAD 4H Chart 2/12 (click to enlarge)The 4H chart shows the bullish attempt that is now being called back again. This is the second test after the first test respected the price bottom and the moving averages cluster as support. But as we can see, price failed to reach 0.94. Bears are still fighting back, and if price falls below 0.92, bulls might have capitulated. In that scenario, there would be downside risk back to 0.9040 and even 0.90.Let's keep our eye on 0.92 and the 4H RSI as it approaches 40. If the market holds NZD/CAD above 0.92 and the 4H RSI above 40, the breakout scenario is still valid, and the 0.94 level would still be in sight with further upside risk as well.