USD/CAD: buy target - 1.3200
By: Dmitriy Chernovolov
- USD/CAD broke resistance level 1.2800
- Next buy target - 1.3200
USD/CAD recently broke sharply through the powerful resistance level 1.2800 (which reversed the price multiple times from January to April, as you can see below) – which was set as the buy target in our earlier forecast for this currency pair. The breakout of this resistance level coincided with the breakout of the upper resistance trendline of the daily up channel from the middle of May.
USD/CAD is likely to rise further inside the two active impulse waves 5 and (3) toward the next buy target 1.3200 (target price for the termination of the active impulse wave (3)).