USD/CAD Price Analysis: Bears are in control and target a break of daily lows USDCAD Currencies Technical Analysis
The M-formation is a reversion pattern but the bears are in control and the current candle is not going in the ´direction of the neckline for a restest. Instead, we could be in for a downside extension and a break of last week´s lows:The daily chart´s prior bearish impulse of six days of consecutive bear closes has seen a correction towards the 38.2%
The price is on the back side of the prior 4-hour bullish trend/correction, and the M-formation can be regarded as a topping pattern. The neckline of the pattern might act as resistance on a pullback and lead to a subsequent lower low to target the 1.3440-50s. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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