Bearish Butterfly Maturing on USDCAD Hourly
A bearish butterfly is forming on the USDCAD. The price is at C and has to complete the final leg CD.
As C is at a major resistance level @ 1.3280, it is very likely that price will rise till D before falling.
One can open a trade at C too.
The D point in the structure is very specific as, the 1.27 XA, 2.618 BC and AB = CD projections @ D coincide at 1.3370.
Thus the likelihood of price turning at D = 1.3370 is very very high.
Will update as the position evolves.
As C is at a major resistance level @ 1.3280, it is very likely that price will rise till D before falling.
One can open a trade at C too.
The D point in the structure is very specific as, the 1.27 XA, 2.618 BC and AB = CD projections @ D coincide at 1.3370.
Thus the likelihood of price turning at D = 1.3370 is very very high.
Will update as the position evolves.
