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 – 1.2600

By: Dima Chernovolov

  • USD/CAD broke resistance level 1.2400
  • Next buy target – 1.2600

USD/CAD has been rising strongly in the last few trading sessions – inside the active primary impulse wave ③- which started earlier this month, when the pair reversed up from the support area lying between the support level 1.2000, lower daily Bollinger Band, 50% Fibonacci Correction of the previous upward impulse wave from November and the support trendline of the daily down channel from March.

USD/CAD yesterday broke the aforementioned down channel and the resistance level 1.2400 (former strong support from February, March and April). USD/CAD is likely to rise to the next buy target 1.2600.

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