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28.05.2018 12:31 PM
Overview of the currency pair USD / CAD for the week of May 28 via simplified wave analysis

Wave picture of the chart D1:

The major dollar chart of the Canadian dollar since September of last year forms an upward wave. The nature of the movement is flat. In a larger wave formation, the wave corrects the main trend.

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The wave pattern of the graph H1:

The last wave is up, from April 14. In the structure of motion, the middle part (B) is formed. The quotations of the pair are approaching the intermediate resistance zone.

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The wave pattern of the M15 chart:

Over the past few weeks, a correction bearish wave has been forming in the lateral flute. In the near future, we can wait for the completion of its final part (C)

Recommended trading strategy:

Trading in the middle-class style makes sense to look for signals for sale. Traders that use medium-term need to wait for the completion of the entire correction.

Resistance zones:

- 1.3000 / 1.3050

Support zones:

- 1.2700 / 1.2650

Explanations to the figures: Simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). 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!

Isabel Clark,
Analytical expert of InstaForex
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