Nice identification of a bearish butterfly pattern on USDCAD and there may be bearish bias as you have identified. The resistance that we have identified is at 1.3250, which lies just below your point D. It is a horizontal swing high resistance with 100% Fibonacci extension and 76.4% Fibonacci retracement. Stochastic reversed off its resistance at 97% where a corresponding drop could occur. If a drop does occur, we may want to look at the 1.3182 support level. It is a horizontal overlap support with 38.2% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.