Vighnesh Iyer

Bearish Butterfly on USDCAD (Weekly)

FX:USDCAD   U.S. Dollar/Canadian Dollar
54 0 0
Tight reversal zone created with a 1.618 BC             projection, 1.277 Alternate AB=CD completion, and 1.277 XA projection. Market almost hit the reversal zone, but has put in a nice double top (easily seen on the daily chart ), with RSI divergence (overbought:80, oversold:20). You could short the market now, or wait for a possible move higher and test of the reversal zone. Looking for targets right around the 1.06000 even handle.

UPDATE: Looks like the market is going a bit higher to actually push into the reversal zone (blue rectangle ). I would wait for a full test of the zone before getting involved. FOMC QE3 and rate decision on 3/19 created a strong bullish candle pushing into the reversal zone.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out