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.