USD/CAD Price Analysis: Bears lurking at key H4 resistance USDCAD Technical Analysis
M-formation topping pattern could lead to significant downside in coming sessions. has struggled to break 1.3600 as it climbs trendline support on the daily chart but suffers a blow from the US data pivot on Monday tempering the hawkish sentiment around the Federal Reserve to start the week. USD/CAD reached a high of 1.3665 on Friday and suffered a drop of around 90 pips on Monday for the opening balance.
The M-formation is a reversion pattern and hence the price is coming up to test the neckline. 1.3520 to the downside is key if the neckline were to act as resistance. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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