abstrak:The USD/CAD is bearish and we can even spot the M pattern at support. New lows are expected.
The USD/CAD is bearish and we can even spot the M pattern at support. New lows are expected.
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The M pattern is shown as the ABCD and point C is where the breakout has happened. We should see a continuation move lower to D L4 and below W L3 – 1.2559. If the price continues further down 1.2526 is the final target. We could see a retracement to the POC zone too. In that case 1.2627-1.2636 is the zone where the expected rejections should happen.
[fx-image src=/2021/02/word-image-410.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/02/word-image-410.png originalWidth=2500 ratio=2.19]
For a look at all of todays economic events, check out our economic calendar.
Cheers and safe trading,
Nenad
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