CADCHF Wave Analysis – 14 February, 2020

CADCHF broke resistance area
Likely to rise to 0.7450

CADCHF recently broke the resistance area lying between the resistance level 0.7360 and the resistance trendline of the daily down channel from December (which encloses the previous short-term impulse wave C).

The breakout of this resistance area accelerated the active medium-term correction (B) form the end of January.

Given the prevailing bullish Canadian dollar sentiment – CADCHF is likely to rise further toward the next resistance level 0.7450.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: CADCHF

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