CADCHF Wave Analysis – 15 April, 2020

• CADCHF reversed from resistance area
• Likely to fall to 0.6850

CADCHF recently reversed down from the resistance area lying between the pivotal resistance level 0.6950 (which stopped the previous impulse wave (iii) at the start of this month) and the lower trendline of the recently broken weekly down channel from 2019.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

CADCHF is likely to fall further toward the next support level 0.6850 (low of the previous Morning Star from last week).