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 -1.3100

By: Dmitriy Chernovolov

  • USD/CAD reversed from support zone
  • Next buy target -1.3100

USD/CAD recently reversed up sharply from the support area lying at the intersection of the multiple support levels: the support level 1.2850, the lower daily Bollinger Band ,38.2% Fibonacci Correction of the previous sharp upward impulse from May and the support trendline of the daily up channel from May (as you can see from the daily USD/CAD chart below). The upward reversal from this support zone stopped the active C-wave of the intermediate ABC correction (4) from September.

USD/CAD is likely to rise further toward the next buy target at the resistance level 1.3100. Strong support remains at the support level 1.2850.

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