USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CAD: loonie is breaking wedges
TP1 1.2945 TP2 1.2895 TP3 1.2800
On the daily chart, USD/CAD is fighting for an important level of 23.6% of the long-term wave. If bears manage to hold it and then pull the price below the diagonal support in the form of the lower border of an uptrend channel, the risks of a “Broadening wedge” will increase.
On H1, USD/CAD made another step towards forming a “Broadening wedge”. A break of support at 1.3045 will return the pair to the downtrend channel and let the CAD to continue the attack.
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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