This is why Daily M-formation is so compelling.

The price fell below the trendline support and met horizontal support. It then rallied to a test of old lows, but has now left behind an M formation in the subsequent fall into the demand area.

Daily chart USD/CAD

M-formation is a pattern that reverts, so it would be reasonable to expect the price to return to the neckline.

The bulls will look for a correction higher than the neckline, and a bullish structure to engage from an hourly perspective. A bullish structure is emerging in the form accumulation. This ratio of 61.8% has a confluence area of liquidity which would be expected draw in the price to offset the price fall. This could be a resistance area on the path to the neckline.