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.