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: buy target - 1.2800

Dima Chernovolov

• 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.

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