FX.co ★ Overview of USD / CAD for a week of June 6 on simplified wave analysis

Wave picture of the chart H4:

An unfinished wave of this scale of the chart of the Canadian dollar became the plot of the chart from February 1. In a larger formation, the wave took the place of the final part (C). The structure of the wave model is not complete. In recent months, the middle part of the wave (B) is forming.

The wave pattern of the graph H1:

The bullish wave of April 17 is part of the correctional design of a larger scale. Over the past month, the price in the flat has formed a correction of complex shape.

The wave pattern of the M15 chart:

The ascending segment from May 30 exceeds the size of the rollback of the previous decline. This may be the beginning of a potential reversal wave. In the coming days, the price is expected to rollback.

Recommended trading strategy:

Sales have little potential, are only possible for inter-sessional trading. Trading TF N1 and higher before buying, you need to wait for the rollback to end.

Resistance zones:

- 1.3010 / 1.3060

Support zones:

- 1.2850 / 1.2800

Explanations to the figures: Simplified wave analysis uses a simple 3-part waveform (A-B-C). At each TF the last incomplete wave is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the wave counting according to the technique used by the author. The solid background shows the generated structure, dotted - the expected wave motion.

Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need confirmation signals from your trading systems!