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.