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 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.

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