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 targets - 1.3600 and 1.3800

By: Dmitriy Chernovolov

  • USD/CAD broke key resistance level 1.3420
  • Next buy targets - 1.3600 and 1.3800

USD/CAD recently broke sharply above the key resistance level 1.3420 (which stopped the previous impulse waves ① and 1 and which was set in our previous report as the buy target for this currency pair). The breakout of the resistance level 1.3420 is likely to accelerate the active minor impulse wave 3 – which belongs to the longer-term upward impulse waves (3) and ③.

USD/CAD is likely to rise further toward the next buy target at the resistance level 1.3600 – the breakout of which can lead to further gains toward 1.3800 (forecast price calculated for the completion of the active impulse wave (3)). Buy stop-loss can be placed below the support level 1.3420.

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