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 1.3300

By: Dmitriy Chernovolov

  • USD/CAD reached buy target 1.3100
  • Next buy target 1.3300

USD/CAD has been rising strongly in the last few trading sessions - breaking through the resistance level 1.3100, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level accelerated the active minor impulse wave 3 – which started recently – when the price reversed up from support zone surrounding the pivotal support level 1.2850 (as can be seen below).

USD/CAD is currently approaching the resistance level 1.3200. If the price breaks this resistance level - USD/CAD can then rise further to the next buy target at the next resistance level1.3300.

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