The USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20. The bears took advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart).
Although previous daily closure below 1.0920 took place, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction on the next day pushed the pair again towards 1.1000.
Later on, price zone of 1.0875-1.0830 (extending down to 61.8% Fibonacci level and the lower limit of the ongoing movement) provided significant bullish pressure.
The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where the market bullish sentiment was fulfilled around 1.0930.
As suggested, bearish positions could have been taken at the price zone of 1.0940-1.0950. It's the most recent resistance zone that came to meet the pair. Bearish targets were hit initially around 1.0910. Further bearish targets is located around 1.0820 while SL should be lowered to 1.0880.
Bearish fixation below 1.0840 will probably expose 1.0800 then 1.0760 where the lower limit of the ongoing daily channel is located.
As expected, a sideway consolidation zone between 1.0930-1.0830 took place for sometime before bearish breakout can take place towards the lower limit of the ongoing channel around 1.0760.