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 - 1.2800

By: Dmitriy Chernovolov

  • USD/CAD reached sell target 1.3000
  • Next sell target - 1.2800

USD/CAD continues to fall strongly inside the C-wave of the intermediate ABC correction (4) from the end of August. The price earlier broke through the round support level 1.3000, which was set in our previous forecast as the likely target for the downward movement of this currency pair. The breakout of this support level (which also previously reversed the A-wave of the active correction (4)) intensified the bearish pressure on this pair.

USD/CAD is likely to fall further toward the next sell target at the support level 1.2800 (target price calculated for the completion of the active C-wave and the 50% Fibonacci Correction of the previous upward impulse from June).

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