The currency pair has been falling since 6 June 2023...
It's gone on a strong downtrend channel, which has not been good for the Canadian Dollar.
Lately it's formed not one but TWO bearish chart patterns.
M Formation and Inv C&H
And the price has broken below both the neckline and brim level.
This means, there is more downside to come with a target of 0.6050.
Other indicators confirm the bearish momentum
200>21>7 - Bear market
RSI<50
Target 0.6050
It's gone on a strong downtrend channel, which has not been good for the Canadian Dollar.
Lately it's formed not one but TWO bearish chart patterns.
M Formation and Inv C&H
And the price has broken below both the neckline and brim level.
This means, there is more downside to come with a target of 0.6050.
Other indicators confirm the bearish momentum
200>21>7 - Bear market
RSI<50
Target 0.6050
✅ Facebook:
www.facebook.com/groups/matitrader
🌐Website:
www.timonandmati.com
💰FREE Discord:
discord.gg/c8f37kyv35
Twitter:
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
www.facebook.com/groups/matitrader
🌐Website:
www.timonandmati.com
💰FREE Discord:
discord.gg/c8f37kyv35
Twitter:
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)