Yesterday, I noted that USD/CAD completed a double top but had a key support from a rising trendline around 1.35. Also, a break below 1.35 would open up the 1.34-1.3420 area. USD/CAD 1H Chart 11/16(click to enlarge)Breakout and a pullback:- After a big of consolidation above 1.35, USD/CAD eventually broke lower. - This swing broke below a rising trendline and pushed the RSI below 30. - As we get into the 11/16 US session the pair is rebounding. At key resistance:- During the 11/16 session, price rebounded from around 1.3425. - Now, the 1.35 level is being tested as resistance. So far, we do have some selling here at 1.35.- Other than a previous support, 1.35 is also where the 100-, and 50-hour simple moving averages (SMAs) are. These SMAs could act like resistance if USD/CAD is indeed in a bearish trend in the short-term.- Also note that the RSI is at 60. Again, if the USD/CAD is in a short-term bearish trend, we should see the RSI hold below 60. It would reflect maintenance of the bearish momentum.- If price holds below 1.35, there is downside towards the 1.34-1.3420 area. - I would cap the bearish outlook to the common pivot area around 1.3340-1.3360.