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 reversed from support zone
  • Next buy target - 1.3200

USD/CAD recently reversed up sharply from the combined support zone lying at the intersection of the round support level 1.3000, the 38.2% Fibonacci Correction of the previous upward impulse from the start of July and the upper trendline of the recently broken daily up channel from May. The upward reversal from this support zone completed the previous intermediate correction (4).

USD/CAD is likely to rise further inside the active intermediate impulse wave (5) toward the next buy target at the resistance level 1.3200 (which stopped the previous impulse wave (3) at the start of August).

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