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
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.