CADCHF Wave Analysis 13 May, 2021

• CADCHF reversed from resistance area

• Likely to fall to support level 0.7410

CADCHF recently reversed down from the resistance area lying between the strong resistance level 0.7525 (which stopped the sharp uptrend at the end of March) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous medium-term impulse wave (3).

Given the overbought daily Stochastic – CADCHF is likely to fall toward the next support level 0.7410 (low of the previous wave (2) from the start of May).