Currency Analyst since 2010

USD/CAD: target for the bulls

Dima Chernovolov

• USD/CAD reversed from strong support zone

• Next buy target - 1.2800

USD/CAD recently reversed up sharply with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the strong support zone lying between the support level 1.2400 (which has been reversing this currency pair from the start of February, as you can see below), 38.2% Fibonacci Correction of the previous upward impulse from the middle of January and the lower daily Bollinger Band. The latest upward reversal from this support zone continues the active intermediate impulse (5), which started from the same levels earlier last month.

USD/CAD is currently approaching the resistance trendline of the daily Triangle from January. If the pair breaks this Triangle, USD/CAD can then rise to the next buy target at 1.2800 (which reversed the previous sharp intermediate impulse (3)).

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