The USD is weak after the FOMC meeting on Wednesday (6/19). We saw $USDJPY break below a key support around 108. The In similar price action, the $USDCAD pair is confirming a previous bearish break down of a rising channel.USD/CAD Daily Chart(click to enlarge)Bears Taking Over:- As we can see, even before the FOMC meeting, USD/CAD was struggling to sustain its prevailing bullish trend since 2018. - The last bullish drive occurred late 2018. But after price stalled around 1.3660, the pair started falling sharply. - Still, for most of 2019,price remained above the rising channel support.- But already, we can see that the bullish attempt from February through May was choppy compared to the sharp decline in January. - More recently in June, price started to fall sharply again. This juxtaposition of sharp bearish swings vs. choppy bullish ones suggest bears are in control.- Then, we saw a bearish breakdown of the channel support and the 200-day simple moving average (SMA).- But before this bearish break extended, price rebounded to test the support/resistance pivot at 1.34. - The rejection at 1.34 was already a sign that bears were in charge.- After the FOMC meeting confirmed its dovish guidance, USD weakened further, and the USD/CAD pair broke below the previous June-low. - Now it looks ready to fall to the 2019 lows around 1.3090-1.31.- I think this low will eventually break down as well and USD/CAD will open up the 1.2785 support pivot from October 2018. - We might see some "stickiness" around 1.29-1.30 as well.- This bearish scenario to the 1.29 area would constitute an ABC correction.