Bearish Butterfly forming on the USDCAD Daily Chart
A Butterfly is forming on the USDCAD daily chart. The primary determining element is the precise 0.786 B retracement which happened at 1.3348.
Potential Reversal Zone:
1.27 XA projection at D ( at 1.3548 ) completes the structure and is the most critical point of the pattern.
2.24 BC projection is at 1.3549
1.27 AB = CD is at 1.3598.
Let us see how this proceeds. Looks like it's going to rise in the short term.
Let's hope for the best.
Potential Reversal Zone:
1.27 XA projection at D ( at 1.3548 ) completes the structure and is the most critical point of the pattern.
2.24 BC projection is at 1.3549
1.27 AB = CD is at 1.3598.
Let us see how this proceeds. Looks like it's going to rise in the short term.
Let's hope for the best.