Currency Analyst since 2010

USD/CAD: target for the bulls

Dima Chernovolov

• USD/CAD reversed from the support zone

• Next buy target - 1.2800

USD/CAD recently reversed from the support zone (which has blocked the last 3 intraday downward price thrusts of this pair, as you can see from the daily USD/CAD chart below) lying between the support level 1.2400 and the 38.2% Fibonacci Retracement of the previous minor impulse (v). The upward reversal form this support zone completes the minor correction 4 from the end of January.

Given that both the daily Stochastic and RSI indicators have already left the strongly overbought levels (which were reached due to the strength of the previous impulse 3), USD/CAD will most probably continue to rise in the coming days inside the active minor impulse wave 5 – in the direction of the next resistance level 1.2800 (which stopped the aforementioned impulse 3).

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