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: sell target - 1.3000

By: Dmitriy Chernovolov

  • USD/CAD falls inside minor corrective wave (ii)
  • Next sell target - 1.3000

USD/CAD continues to fall strongly inside the active minor corrective wave (ii) – which started recently - when the pair reversed down from the resistance level 1.3400 (as you can see from the daily USD/CAD chart below). The price earlier broke below the support zone lying at the intersection of the support level 1.3200 and the support trendline of the daily up channel from June. The breakout of this support zone is likely to accelerate the active wave (ii). 

With the clear bearish divergence visible on the daily RSI indicator - USD/CAD can be expected to fall further toward the next sell target at the round support level 1.3000 (which reversed previous wave (ii) in September).

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