USD/CAD: buy target - 1.2800
• USD/CAD reversed from combined support zone
• Next buy target - 1.2800
USD/CAD recently reversed down sharply after reaching the resistance level 1.2800, which was set as the buy target in our previous forecast for this currency pair. The subsequent downward correction 2 recently stopped in the combined support zone lying at the intersection of multiple support levels: the support level 1.2400 (which has been reversing the price from the start of February), 38.2% Fibonacci Correction of the previous sharp upward impulse from January, the support trendline of the daily up channel from November, lower daily Bollinger Band and the 50-day moving average.
The upward reversal from the aforementioned support zone completed the latest minor correction 2. USD/CAD is likely to rise further to the next buy target at 1.2800.