#USDCAD: Further Downside Likely #forex

Sideways breakout hints a deep correction!

• The pair has broken the support of the main rectangle pattern at 1.2370 area.
  
• The price has broken the short term 50-days SMA
  
• Breakout below the short term rising trend line
  

Measured target for the rectangle pattern suggest a retest of the main rising trend line area as the next possible target. I illustrated a potential scenario on chart. Stability back above 1.2480 may negate this scenario

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