USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CAD: the CAD is strong
TP1 1.309 TP2 1.303 TP3 1.2925
On the daily chart of USD/CAD, the pair keeps reaching targets of “Shark” and “Wolfe waves” patterns. When the pair reaches the 88.6% target of the “Shark” pattern, risks of the pullback will increase. Vice versa, a break of the resistance at 1.319 will increase the possibility that the pair will reach the 1.3315 target of the “Wolfe waves” pattern.
On H1, the pair reached the target of the “Wolfe waves” pattern. A break of the upper boundary of the downward channel will increase odds of the formation and implementation of the reversing “Three Indians” pattern.
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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