USD/CAD Price Analysis: Bears are moving in and eye 1.2980s

The W-formation is a reversion pattern that leaves the neckline exposed near 1.2980. Below there, the 1.2920s guard 1.2895 formation lows. USD/CAD is meeting a near 61.8% Fibonacci retracement of the hourly bearish impulse near 1.3100 the figure with prospects of a downside continuation in the near future that would mitigate the space between the prior highs and current lows.

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