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.