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 - 1.4800 and 1.5000

By: Dmitriy Chernovolov

  • USD/CAD reached buy target 1.4600
  • Next buy targets - 1.4800 and 1.5000

USD/CAD continues to rise – after the earlier sharp breakout of the resistance level 1.4600, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level continues the active minor impulse waves (iii) and 5 – which are a part of the intermediate impulse wave (3) from October of 2015. The breakout of the resistance level 1.4600 is likely to accelerate the upward movement of this currency pair in the coming trading sessions.

USD/CAD is likely to rise further toward the next buy targets at the resistance levels 1.4800 and 1.5000 (forecast price calculated for the termination of the active intermediate impulse wave (3)).

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