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USD/CAD in a Bearish Breakout

After a rally from about 1.2830 to about 1.3280, USD/CAD saw a strong retreat last week, falling to almost 1.3050. 

USD/CAD 4H Chart 10/31/2015

(click to enlarge)

The 4H chart shows that the USD/CAD actually completed an ABC correction as it approached 1.3050. Also not that this 1.30-1.3050 area represents a support/resistance pivot area. If the bullish trend from 1.2830 to 1.3280 is to sustain, we should expect some support in the 1.30-1.3050 area. 

Even if the market is not bullish anymore, I would anticipate at least some short-term bounce from the noted area, though I would also limit the upside to 1.3150.

In terms of price action, the recent bearish candles are very convincing that bears have taken over in the short-term and can perhaps dictate the mode in the medium-term over the next few weeks. 

Trade Ideas: If price slows down and shows instances of support, I might consider a very short-term buy in the 1.30-1.3050 area with a target of 1.3150. The stop would be below 1.30. 

If price comes up to 1.3150 area and finds resistance there a few times, I might consider shorting there for a medium-term time-frame with a target of 1.2850. I think a break above 1.32 will bring back the bullish bias, so I would put a stop above that.