CADCHF Wave Analysis – 5 May 2023

• CADCHF broke resistance level 0.6600

• Likely to rise to resistance level 0.6715

CADCHF currency pair recently broke the resistance level 0.6600 (which stopped the previous short-term correction (ii)).

The breakout of the resistance level 0.6600 coincided with the breakout of the 38.2% Fibonacci correction of the previous downward impulse from April.

Given strongly bullish CAD sentiment on sharp oil gains, CADCHF can be expected to rise further toward the next resistance level 0.6715 (top of wave (b) from the middle of April).