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    USD/CAD Downtrend Continuation Below the M Pattern

    Abstract: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.

      [fx-forecasts-cta instrument=usd-cad broker=etoro link=https://ad.doubleclick.net/ddm/clk/483045539;289794267;e disclaimer=75%_of_retail_CFD_investors_lose_money]

      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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    • Euro
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    • Polish Zloty
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    • Saudi Arabian Riyal
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