USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Get a trade signal for USD/CAD
BUY 1.305 SL 1.2995 TP1 1.315 TP2 1.325 TP3 1.3275
SELL 1.2925 SL 1.298 TP1 1.285 TP2 1.281 TP3 1.2755
On the daily chart of USD/CAD, the pair is reaching targets of the “Wolfe waves” pattern. To continue the rally and reach the 88.6% target of the “Shark” pattern, the pair needs to break the resistance at 1.3075-1.3085 (the October high – the 23.6% level of the long-term upward wave).
On H1, the pair is retesting the 2-4 line of the “Wolfe waves” pattern. If bulls are able to hold the pair above 1.2955 and break the resistance at 1.305, they will pull the pair up.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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