2018Jun16 USDCAD D1 Possible Bearish Butterfly

There is a possible bearish butterfly for USDCAD. Upon D completion at 1.32817 (127.2 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above 161.8 of XA. The take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD. Tentative details are as follows:

Trade Setup: Possible Bearish Butterfly
Price Entry 1.32817
SL 1.34987 | SL pips 217.0
TP1 1.29935 | TP1 pips 288.2
TP2 1.28155 | TP2 pips 466.2
RRR1 1.33 | RRR2 2.15

Trade active:

I took the bearish engulfing candlestick on June 22 as confirmation of the bearish bias. I entered at market with price rejection at around D completion. (June 26)

Comment:

TP1 hit! (July 31)