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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 powerful resistance zone

  • USD/CAD reversed from powerful resistance zone
  • Next sell target - 1.3000

USD/CAD has been under strong bearish pressure lately – following the earlier sharp downward reversal from the powerful resistance zone lying between the resistance levels 1.3250 and 1.3150 (which has been reversing this currency pair from April, as can be seen from the daily USD/CAD chart below). This resistance zone was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from April.

USD/CAD is expected to fall down further in the active primary impulse wave ③ toward the next sell target at the round support level 1.3000 (low of the previous minor correction 4).

 

CAD
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