CADCHF Wave Analysis – 17 March 2023

• CADCHF reversed from key resistance level 0.6775

• Likely to fall to support level 0.6700

CADCHF recently reversed down from the key resistance level 0.6775 (former lower boundary of the sideways price range from December, acting as the resistance after it was broken earlier this month).

The resistance level 0.6775 was further strengthened by the 50% Fibonacci correction of the downward impulse from the start of March.

Given the clear daily downtrend, CADCHF can then be expected to fall further toward the next key support level 0.6700.