USD/CAD Price Analysis: Bears take a bite out of the greenback and CAD rallies

• USD/CAD bears have moved in on the 1.2950s. 
• The bulls could be lurking at this juncture with eyes towards 15-min M-formation neckline. 

USD/CAD has plummeted in the first hour of Tokyo trade as the US dollar is pushed back by the bears. The Canadian dollar is enjoying some relief and the bears have homed in on the mid point of the 1.29 area. The following illustrates this in a 15-min time frame and explains the prospects of a correction back to a significant area on the charts. 

USD/CAD 15-min chart

The bears are carving out an M-formation on the 15-min chart, moving in on the 1.2950s. There would be expected to be a retracement to mitigate the price imbalance between the low and the neckline of the pattern.