Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/CAD reversed from resistance zone

  • USD/CAD reversed from resistance zone
  • Next sell target - 1.2800

USD/CAD recently reversed down sharply from the major resistance level 1.3120 (which is the lower boundary of the powerful resistance zone which has been reversing this currency pair from May). The downward reversal from the resistance level 1.3120 created the daily Japanese candlesticks reversal pattern Evening Star – which marked the end of the previous minor ABC correction 2.

USD/CAD is expected to fall down further toward the next sell target at the support level 1.2800 (which stopped the previous minor impulse wave 1 in August, as can be seen below).

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