• USD/CAD bulls need to commit and get onto the backside of the trend.
• A break of the 1.3620d opens downside risks for the day ahead. 

USD/CAD bears are in play as the price moves in to test the 1.3620s as the following technical analysis illustrates. The bears are moving in as the price seeps out to the backside of the 4-hour bullish trendline.

USD/CAD H4 chart

A phase of distribution could start to come into play and that leaves prospects of a meanwhile retest of resistance near 1.3700 recent highs. However, the 4-hour M-formation's neckline could act as a meanwhile resistance in the 1.3650s.

USD/CAD M5 chart

The bulls need to get onto the backside of the bearish trendline or face a potential continuation to the downside on a break below 1.3625. If, on the other hand, the bulls do manage to accumulate on the backside of the trend, then the H4 M-formation's neckline will be exposed for a move into the 1.3650s.