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 targets - 1.2560 and 1.2650

By: Dmitriy Chernovolov

  • USD/CAD reached buy target 1.2400
  • Next buy targets - 1.2560 and 1.2650

USD/CAD continues to rise after the recent breakout of the resistance level 1.2400, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level accelerated the active intermediate impulse wave (3) – which started earlier this month – when the pair reversed up from the combined support zone surrounding the support level 1.2200 (as can be seen below).

USD/CAD is set to rise further inside the active intermediate impulse wave (3) toward the next buy targets 1.2560 (top of the earlier impulse (1)) and 1.2650 (top of the previous correction 2).

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