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FOREX: “Sell” USD/CAD Bearish Harmonic Pattern ‘Butterfly”

USDCAD

Time frame: Н4

Technical Analysis : Price has formed perfect harmonic Fibonacci pattern  – “Butterfly” with technical points as follow

XA= 78.6% in point B

AB= 61.8% in point C

BC= 2.00% in point D price 1.32663

XAD= 1.27% in point D  price 1,32859

Enter:  1.32917

SL: 1.33582

TP1:  1.29997 (target confirmed retest zone from breaking bearish channel formed on 01.17.2016)

TP2: 1.28193

Fundamental: On Friday session 22.06.2018 at 15:30 we expect CPI data from Canada.

If the data beats estimates that will be bullish for Canadian Dollar and the most of traders will expect “Rate Hike”, on BoC next meeting  on 11.07.2018

 

Goldman Sachs

 

Alternative scenario: If the price pass 1.33755 zone the pattern will be violated


 Trader Velizar Mitov


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