AUD/CAD is going for a butterfly

AUD/CAD is going for a butterfly

Information is not investment advice

If we look at the weekly chart of AUD/CAD, it looks like the pair is forming a bullish “butterfly” harmonic pattern. In line with this pattern, it can move down to 0.8975 (50% Fibonacci retracement of the 2008-2012 advance) and then bounce targeting 0.9250 (uptrend resistance line since 2018). This consideration can form a basis for a couple of trade ideas. 

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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