USD/CAD formed a Hanging Man candlestick reversal pattern (blue rectangle on chart below) on Wednesday which suggests more downside is likely for the pair in the near-term.
USD/CAD formed a Japanese candlestick reversal pattern on Wednesday. Price could be about to fall in a large ABC or Measured Move price pattern. USD/CAD formed a Hanging Man candlestick reversal pattern on Wednesday which suggests more downside is likely for the pair in the near-term. The pattern gained confirmation after Thursday ended as a long, red, down day.
USD/CAD’s move down from the range high looks like it is conforming to an ABC pattern, or “Measured Move” . Such patterns are like large zig-zags. The wave C usually reaches a similar length to wave A or at a minimum is a Fibonacci 61.8% of A. If USD/CAD is really forming an ABC pattern then wave C is probably about to unfold and go substantially lower. Such a down leg would probably fall to the zone of the range lows . The 61.8% target, meanwhile, lies at 1.3326.
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