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 - 1.4400 and 1.4600

By: Dmitriy Chernovolov

  • USD/CAD reversed from support zone
  • Next buy targets - 1.4400 and 1.4600

USD/CAD recently reversed up sharply from the support zone lying at the intersection of the support level 1.4140, 61.8% Fibonacci correction of the previous sharp upward impulse wave (i) from the start of January and the former resistance trendline of the recently broken daily up channel from last year (acting as support now after it was broken). The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

USD/CAD is likely to rise further in the active impulse waves 5 and (3) toward the next buy targets at the resistance levels 1.4400 and 1.4600.

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