Hello traders, it appears USD/CAD has now completed a bearish bat pattern on the 1h chart. This is an excellent opportunity with a potential 200+ pip return!
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50 (Price closed above the 0.50 retracement but I still love the look of this setup)
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
If you take into the consideration the daily chart below, we have major potential for a large move now that price has pulled back to the trendline.
I'm seeing strong signs of divergence on the 1h chart, indicating an RSI BAMM setup like my previous chart EUR/CAD.
Don't forget we have the BOC rate statement at 3:00PM.
If you want more trading inspiration be sure to connect with me below :)
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50 (Price closed above the 0.50 retracement but I still love the look of this setup)
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
If you take into the consideration the daily chart below, we have major potential for a large move now that price has pulled back to the trendline.
I'm seeing strong signs of divergence on the 1h chart, indicating an RSI BAMM setup like my previous chart EUR/CAD.
Don't forget we have the BOC rate statement at 3:00PM.
If you want more trading inspiration be sure to connect with me below :)
📈 Master the Art and Science of Trading: www.sixfigurecapital.com
