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 - 1.4200 and 1.4400

By: Dmitriy Chernovolov

  • USD/CAD reached buy target 1.4000
  • Next buy targets - 1.4200 and 1.4400

USD/CAD continues to rise after the earlier breakout of the round resistance level 1.4000 – which was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 1.4000 is likely to accelerate the active minor impulse wave (iii) – which started earlier- when the pair reversed up from the support zone lying between the support level 1.3800 and the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of December.

USD/CAD is likely to rise further in the active impulse waves (iii), 3 and (3) toward the next buy target at the resistance level 1.4200 – the breakout of which can lead to further gains toward 1.4400.

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