Since the beginning of last year, the correctional wave is forming on the daily scale of the Canadian currency major chart. The final part of the movement from the beginning of May sets the main direction for short-term price fluctuations of the pair. For the last month, the quotations of the pair have worked out the ascending phase of the movement. In recent weeks, there has been a price pullback. It forms the middle part of the wave, after which you can wait for the final spurt of the price up.
Today, at the nearest session, the completion of the current downward flat is likely. The turnout is expected within the framework of settlement support. The growth phase is more likely by the end of the day. The resistance zone indicates the most real part of the end of the day's turn of the pair.
The boundaries of the resistance zones:
- 1.2600 / 1.2630
The boundaries of the support zones:
- 1.2540 / 10
Explanations to the figures: For simplified wave analysis, a simple type of wave is used that combines 3 parts (A; B; C). Of such waves, all kinds of correction are composed and most of the impulses. On each considered time-frame the last, incomplete wave is analyzed.
The zones marked on the graphs are indicated by the calculation areas in which the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a transaction, you need to confirm the signals used by your trading systems.