The Butterfly on USDCAD has Developed Slightly Differently
I had previously assumed C to turn at 38.2% of AB but it made an extended retracement till 0.757. However, the fundamental structure still remains intact...
Highly likely that there will be a gap opening higher and will rise another 70-75 pips before turning/falling...
What with the BoC suggesting a rate cut, this analysis holds true. ( Even though the this is not purely technical analysis)
Will update in the comments about how I will trade this pair... Will also add how technical analysis of other CAD pairs for further understanding.
Thanks again...
I had previously assumed C to turn at 38.2% of AB but it made an extended retracement till 0.757. However, the fundamental structure still remains intact...
Highly likely that there will be a gap opening higher and will rise another 70-75 pips before turning/falling...
What with the BoC suggesting a rate cut, this analysis holds true. ( Even though the this is not purely technical analysis)
Will update in the comments about how I will trade this pair... Will also add how technical analysis of other CAD pairs for further understanding.
Thanks again...
