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 - 1.4600

By: Dmitriy Chernovolov

  • USD/CAD approached buy target 1.4400
  • Next buy target - 1.4600

USD/CAD is currently approaching the resistance level 1.4400, which was set as the buy target in our previous forecast for this currency pair. The pair has been rising sharply in the last few trading sessions inside the 3rd minor impulse wave (iii) (which belongs to the 5th minor impulse wave 5 of the intermediate impulse wave (3) from the middle of October) – which recently broke the two daily up channels from October and June.

If the pair breaks above 1.4400 - USD/CAD will then, most likely, rise to the next buy target at the resistance level 1.4600 (target price calculated for the completion of the active intermediate impulse wave (3)).

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