It's annoying as hell...

It's a squeaking noise that happens over small bumps and what happens is there is a brief squeak.
It's not very loud either.
I've figured out it's not the shocks and the sound sounds like it's coming from directly behind me and to the left...
I know my rear brake pads are worn... which leads me to this question:
If your brake pads are low could that cause the squealers on the brake pads to squeak real quick over small bumps?