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USD/CAD falling inside minor impulse wave 3

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  • USD/CAD falling inside minor impulse wave 3
  • Next sell target - 1.2420

USD/CAD continues to fall inside the minor impulse wave 1, which belongs to the intermediate impulse wave (3) from the middle of August. Impulse wave (3) started when the pair reversed down with the daily Evening Star from the resistance zone lying between the resistance level 1.2800, upper daily Bollinger Band, resistance trendline of the daily down channel from May and the 38.2% Fibonacci correction of the downward impulse from June. USD/CAD is expected to fall to next sell target at the next support level 1.2420 (low of the previous impulse wave (1)).

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