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 sharply from the support zone lying at the intersection of the multiple support levels: the lower daily Bollinger Band, the support level 1.2200, the 61.8% Fibonacci Correction of the previous sharp intermediate impulse (1) from May and the former resistance trendline of the recently broken daily down channel from March (acting as support now after it was broken).
The upward reversal from this support zone completed the previous intermediate ABC correction (2). USD/CAD is likely to rise further toward the next buy target 1.2400.