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).