USD/CAD 1-hour chart: Bear Flag

Can the US dollar keep falling against the Canadian dollar?

October 14, on the one-hour chart, the US dollar against the Canadian dollar confirmed a bear flag today.

A bear flag is a sharp drop, then a shallow drift higher.

Here, price dropped, then drifted upward in a small range.

Confirmation came when the hourly close slipped below the lower rail at 1.4217.

The measured target is 1.41806, and a close above 1.42229 would cancel the setup.

It is still open, and neither level has been hit yet.

This is chart analysis, not a trade signal.

A pattern never guarantees its target, and the same shape fails just as often.

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