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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 - 1.3200

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)).

 

CAD
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