Potential Bat Pattern at USDCAD
Updated
Looking for a Bat completion at the 0.886 retracement of the X to A move, along with the 1.618 extension of the A to B movement and the inversed extension of the B to C move.
The target area is also a strong area of previous support and resistance.
*The B retracement reached 0.500 but didn't close above 0.618*
The target area is also a strong area of previous support and resistance.
*The B retracement reached 0.500 but didn't close above 0.618*
Note
RSI is indicating a strong divergence now relative to price action, adding more bearish bias to the trade.
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