USD/CAD: buy target - 1.3400
By: Dmitriy Chernovolov
- USD/CAD reached buy target 1.3200
- Next buy target - 1.3400
USD/CAD yesterday broke sharply above the resistance level 1.3200 (which stopped the previous minor impulse wave 1 at the start of August and which was set as the buy target in our previous forecast for this currency pair). The breakout of this resistance level is likely to accelerate the active minor impulse wave 3 – which belongs to the intermediate impulse wave (3) from June - which is itself a part of the primary impulse wave ③ from May.
USD/CAD is expected to rise further in the active impulse waves 3, (3) and ③ toward the next buy target at the resistance level 1.3400 (target price for the completion of the active impulse wave 3). Strong support remains at 1.3200.