LONG USDCAD: Possible Butterfly Complete at Trendline Support

USDCAD may potentially be completing a bullish butterfly pattern at a key support trendline that dates back to May, 2015. At the butterfly completion point, there are three key levels that are precisely confluent: 1.272XA, 2.24BC, and 1.5AB=CD. To add to the bullish bias, MACD and momentum divergence are present on the 1HR TF and an unhit daily pivot sits above price. This pivot provides a nice target as it coincides with the .618 retracement of the butterfly CD leg. SL is placed below the long term trendline support.

Confluence in the PRZ:

• Bullish butterfly pattern completion
  
• Long term trendline support
  
• Bullish MACD Divergence
  
• Bullish momentum divergence
  
• Unhit daily pivot above price
  
• 1.5AB=CD
  
• 2..24BC Projection
  

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Trade closed: target reached:

USDCAD Long target achieved