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Daily Forex Analysis - 24 February 2021

USD/CAD Downtrend Continuation Below the M Pattern

WikiFX

| 2021-02-24 12:40

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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Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.