USD/CAD Downtrend Continuation Below the M Pattern

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.

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Cheers and safe trading,

Nenad

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