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 – 1.2800

By: Dmitriy Chernovolov

  • USD/CAD reached buy targets 1.2560 and 1.2650
  • Next buy target – 1.2800

USD/CAD has been rising strongly in the last few trading sessions – breaking through the resistance levels 1.2560 and 1.2650 – both of which were set as the buy targets in our previous forecast for this currency pair. Each of these resistance breakouts intensified the bullish pressure on this currency pair - accelerating the active minor impulse wave 3 – which belongs to the 3rd intermediate impulse (3) from last month.

USD/CAD is likely to rise further inside the active accelerated impulse waves 3 and (3) toward the next buy target at the strong resistance level 1.2800 (which reversed previous waves 3, (5) and (B) in March).

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