Wednesday, February 24, 2021 10:29 AM EDT
The USD/CAD is bearish and we can even spot the M pattern at support. New lows are expected.
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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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. On average around 80% of retail investor accounts loose money when trading with high leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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