USD/CAD Big M Pattern Suggest Bearish Continuation

2 min read
tarantula fx

tarantula fx

Head of Trading

The USD/CAD has formed a giant M pattern that is a sign of overall bearishness. As long as the price
is kept below D H3, bears will be in control.
1.2875-85 is the POC zone. The price could reject from the zone but it needs to show momentum below
1.2870 for further bearish continuation. We can see that there is still much room till next supports
1.2845 and 1.2810/00.
However if the price hits 1.2845 and/or 1.2810 it could bounce. Bounces can also happen because its
Friday and Friday is a profit taking day. Overall, bears are in control as long as the price is rejected from
POC and kept below D L3.

Good trading,
Nenad Kerkez aka Tarantula FX

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