CADCHF recently reversed down with the daily Dark Cloud Cover from the resistance area lying between the key resistance level 0.7440 (top of the previous correction from January), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from October.
The downward reversal from this resistance area started active short-term corrective wave (ii).
Given the prevailing bearish sentiment affecting Canadian dollar – CADCHF is likely to fall further toward the next support level 0.7350.
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