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 - 1.3420

By: Dmitriy Chernovolov

  • USD/CAD reached buy target 1.3300
  • Next buy target - 1.3420

USD/CAD recently reached the resistance level 1.3300, which was set as the buy target in our previous forecast for this currency pair. The active impulse wave 3 (which belongs to the 5th intermediate impulse wave (5) from the middle of October) recently broke the resistance trendline of the daily Triangle from the end of September – which intensified the bullish pressure on this currency pair.

USD/CAD is likely to rise further in the active impulse waves 3 and (5) toward the next buy target at the next resistance level 1.3420 (which stopped the B-wave of the previous ABC correction (4)).

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