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 - 1.2400

By: Dima Chernovolov

  • USD/CAD reversed from support zone
  • Next buy target - 1.2400

USD/CAD recently reversed up from the support zone lying between the 50% and 61.8% Fibonacci Correction levels of the previous sharp intermediate impulse wave (1) from May. This support zone was strengthened by the former resistance trendline of the recently broken daily down channel from March (acting as support now after it was broken) and by the support level 1.2200. The upward reversal from this support area completed the previous intermediate ABC correction (2).

USD/CAD is set to rise further toward the next buy target at the nearby resistance level 1.2400 (former support level which stopped previous wave (A)).

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