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.