CADCHF Wave Analysis – 20 August, 2019

• CADCHF reversed from resistance area
• Further losses are likely

CADCHF recently reversed down from the resistance area lying between the resistance level 0.7380 (former support from May and June) and the 38.2% Fibonacci correction of the previous downward impulse from July.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star.

CADCHF is expected to fall further and retest the next support level 0.7300 (which reversed the price sharply at the start of August).