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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 rises inside impulse (3)
  • Next buy target – 1.2600

USD/CAD continues to rise after the recent upward reversal from the support zone lying between the support level 1.2400 and the 38.2% Fibonacci Correction of the previous sharp intermediate impulse wave (1) from May. The upward reversal from this support zone completed the preceding intermediate correction (2) – starting the active impulse wave (3) –which belongs to the 3rd primary impulse ③ from March.

USD/CAD is likely to rise further toward the next buy target at the resistance level 1.2600. Buy stop-loss can be placed at half the daily ATR below the aforementioned support level 1.2400.

 

CAD
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