Bearish Butterfly on USDCAD (Weekly)
Tight reversal zone created with a 1.618 BC projection, 1.277 Alternate AB=CD completion, and 1.277 XA projection. Market almost hit the reversal zone, but has put in a nice double top (easily seen on the daily chart), with RSI divergence (overbought:80, oversold:20). You could short the market now, or wait for a possible move higher and test of the reversal zone. Looking for targets right around the 1.06000 even handle.
UPDATE: Looks like the market is going a bit higher to actually push into the reversal zone (blue rectangle). I would wait for a full test of the zone before getting involved. FOMC QE3 and rate decision on 3/19 created a strong bullish candle pushing into the reversal zone.
UPDATE: Looks like the market is going a bit higher to actually push into the reversal zone (blue rectangle). I would wait for a full test of the zone before getting involved. FOMC QE3 and rate decision on 3/19 created a strong bullish candle pushing into the reversal zone.
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